Business
JUST IN: CBN Hikes Interest Rate To 26.25%
The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark interest rate to 26.25 percent.
This announcement was made by the CBN Governor, who also chairs the MPC, following the committee’s 295th meeting in Abuja.
In the March meeting, the benchmark rate was previously increased by 200 basis points, from 22.75 percent to 24.75 percent.
The committee has consistently adopted a hawkish policy this year to combat persistent inflation in Nigeria.
As of April, Nigeria’s inflation rate had surged to 33.69 percent.
While several analysts anticipated a rate hike, some suggested that the central bank might consider maintaining the current rate, given the month-on-month moderation in inflation growth.
Details later……………
Business
CBN Extends Suspension Of Cash Deposit Fees
In an effort to ease financial transactions, the Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees from September 30, 2024, to March 31, 2025.
In a letter addressed to banks and financial institutions, signed by the Director of Banking Supervision, Adetona Adedeji, the CBN referenced its previous directive, which had initially suspended the fees until September 30, 2024.
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The suspension applies to cash deposits exceeding N500,000 for individuals and N3 million for corporate accounts.
Hitherto, individual accounts are charged a 2% processing fee, while corporate accounts incur a 3% fee on excess deposits.
The CBN reiterated that all regulated financial institutions are required to continue accepting cash deposits from the public without any charges during this extended period.
The letter reads, “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.”
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,’ issued on December 20, 2019.”
Recall that in 2019, the Central Bank of Nigeria (CBN) unveiled a plan to introduce fees on cash deposits and withdrawals, set to take effect from September 19, 2019.
The bank explained in a publicly shared circular that the move was part of efforts to limit cash usage and improve the collection of government revenues.
At first, these charges were only applicable to customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers, and the Federal Capital Territory (FCT).
The CBN also outlined that the policy would be rolled out nationwide by March 31, 2020, as part of its cash-less initiative.
In December 2023, the CBN instructed banks and other financial institutions to halt the application of fees on large cash deposits.
This temporary suspension was originally planned to last until September 30, 2024.
Business
Dangote, Gates Headline Relaunch Of Capital Campaign For Africa
The Capital Campaign for the Africa Center was relaunched at the sidelines of the ongoing United Nations General Assembly (UNGA) in New York on Wednesday.
To highlight its importance, Africa’s richest man, President Dangote Group, Alh Aliko Dangote and Co-Chair, Bill and Melinda Gates Foundation, Bill Gates led other notable captains of industry from Africa and the United States of America (USA) graced the event.
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Prominent among those spotted therein include, Chairman, Oriental Energy Resources, Mohammed Indimi; Group Executive Director, Commercial Operations, Dangote Industries Limited (DIL), Fatima Aliko Dangote and Co-Chair, Africa Center, Chelsea Clinton.
Also the elite group are, President/Chief Executive Officer, DIL, Aliko Dangote; Co-Chair, the Bill and Melinda Gates Foundation, Bill Gates; Commissioner for Cultural Affairs, New York City, Laurie Cumbo and Chairman, Afreximbank, Benedict Oramah.
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