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Banks Lending Rate Hits 29.13%
Figures obtained from the Central Bank of Nigeria on money market indicators revealed that the maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates were 4.13 per cent as of the end of December 2022. According to the report, the prime lending rate was 13.85 per cent, while the…
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Export Intervention Loans Rise By N44bn
In statements released in the last Monetary Policy Committee meeting in 2022, the Central Bank of Nigeria’s intervention funds under its Export Facilitation Initiative rose to N44.58 billon in October 2022. It said, “Under the Export Facilitation Initiative, the Bank provided support for export-oriented projects to the tune of N5.34 billion, such that the cumulative…
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Bank Deposits Rise By 19%
The Central Bank of Nigeria Monetary Policy Committee has said in a statement that deposits by Nigerian banks rose by N6.92 trillion. This is from N36.13 trillion as of the end of October 2021 to N43.05 trillion in the corresponding period of 2022. The Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, said, “Notably,…
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Banks Deposits Rise By 24%
The total deposits in the banks rose by 24.17 percent from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022. This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, at the last MPC meeting. According to Ahmad, “Key industry aggregates also continued…