News

CBN raises Cash Reserve Ratio to 27.5%

The Central Bank of Nigeria has raised the Cash Reserve Ratio from 22.5 per cent to 27.5 per cent. Briefing the press after the first Monetary Policy Committee (MPC) meeting in 2020 held in Abuja, the CBN Governor, Mr Godwin Emefiele, said that all other parameters were retained. Accordingly, the[Read More…]

Facebook seeks partnership with NCC

The management of Facebook, a leading global digital services provider, recently paid a visit to the Nigerian Communications Commission (NCC) to explore opportunities for collaboration and partnership for infrastructure deployment to strengthen connectivity, enhance businesses and bolster citizens’ embrace of digital culture. Underscoring the centrality of infrastructure to the flourishing[Read More…]

Minor Review of MYTO For NESI

The attention of the Nigerian Electricity Regulatory Commission (the “Commission”) has been drawn to reports in the media that an immediate increase in end-user electricity tariffs has been approved by NERC. The Electric Power Sector Reform Act provides that the Commission shall determine and periodically review electricity tariffs charged by[Read More…]

CBN sets new rules to improve PoS usage

Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine. The Nigeria Interbank Settlement System (NIBSS)  data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which was worth N1.4 trillion; 285.9 million transactions[Read More…]