• Latest
  • Trending
CBN Cautions Nigerians Against Transacting With Popular Loan Platform, Proffers Alternatives

CBN Cautions Nigerians Against Transacting With Popular Loan Platform, Proffers Alternatives

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Increases CNG Price by ₦150/SCM

FG Increases CNG Price by ₦150/SCM

THE JUDICIARY ISN’T SADDLED WITH RESPONSIBILITY TO MAKE LAWS. HOWEVER WHAT ARE THE RAMIFICATIONS OF INTERPRETATING SOME STATUTES VIS A VIS THE LAW MAKING POWERS OF THE LEGISLATURE

Iddat al-Wafāt (Widow’s Waiting Period): Its Legal Purposes in Islamic Law and a Comparative Reflection with Customary Practices in Nigeria

Burkina Faso Outlaws Homosexuality with Jail Term

Burkina Faso Outlaws Homosexuality with Jail Term

Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)

Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)

A Critical Appraisal of the Supreme Court’s Position on Processes Signed by Law Firms: Okafor v. Nweke and Olowe v. Aluko

19-Year-Old APC Candidate Wins Rivers Councillorship Seat

19-Year-Old APC Candidate Wins Rivers Councillorship Seat

Wednesday, September 3, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News

CBN Cautions Nigerians Against Transacting With Popular Loan Platform, Proffers Alternatives

by iDeemlawful
January 26, 2022
in Business News
A A
0
CBN Cautions Nigerians Against Transacting With Popular Loan Platform, Proffers Alternatives

Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele has cautioned Nigerians to stop transacting with popular loan platform, sharks, according to him, patronising them comes with scathing conditions and humongous interest rates that eventually hurts the borrower.

The CBN Governor gave the advice on Tuesday in Abuja, at a media briefing to draw the curtain on the 140th Monetary Policy Committee (MPC) meeting and the first in 2022.

He said: “If we see loan sharks, we shall deal with them. When we find them in an organised setting, we will deal with them. They’re mostly in rural areas and we are not the police to deal with them. Do not patronise loan sharks. Go to NIRSAL MFB. Fill out the forms and input your details. You don’t need to know anyone”.

According to him, 10 members of the MPC were in attendance and unanimously agreed to hold all monetary policy parameters, leaving the Monetary Policy Rate (MPR) at 11.5 per cent; asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and Liquidity Ratio at 30 per cent.

SeeThese

CBN dragged to Court over ATM fee hike

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

The MPC, Emefiele noted, expressed concerns over the insecurity challenges plaguing the country and called for lasting solutions to the nightmare since it was capable of retarding the economic recovery momentum and concerted efforts at tackling rising food prices.

Emefiele however vowed to crush loan sharks whenever and wherever he finds them since they charge a hundred percent interest on any loan.

Emefiele advised loan seekers to approach the banks or visit websites of NIRSAL microfinance bank to access available facilities without recourse to anyone or group to facilitate the process.

The Committee also called for stronger economic diversification efforts as dependence strongly on crude oil receipts comes with unsavoury consequences.

The MPC also advised the federal government to seek more efficient infrastructure financing, even as it hailed the downward trajectory of Non Performing Loans (NPLs). On advanced economies’ signal of normalisation and withdrawal of interventions to the third world by raising interest rates which ultimately leads to capital flow reversals, Emefiele said there was no course for Nigeria to lose sleep.

“Fortunately, when those loans were offered, they did not come into Nigeria. In the last two years, it’s been a gradual and systematic exit of foreign portfolios out of the country because they feel the yields are not as high and they look for more hedging efforts to help them.

“MPC adopted a policy that lowers interest rates and attracts borrowers who have projects to finance them. That is why in the last two years, we’ve boosted loans given to households and businesses to moderate inflation, boost manufacturing and all that

Tags: CBNEmefieleiPad
Share196Tweet123SendShare
Previous Post

Timothy Adegoke: Police finally charge Adedoyin, six others to court over Death of OAU master student

Next Post

OOU Graduates 6,257 Students with 55 Bagging First Class

iDeemlawful

iDeemlawful

Next Read

FG Increases CNG Price by ₦150/SCM
Business News

FG Increases CNG Price by ₦150/SCM

...

Read more
SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees
Business News

SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees

...

Read more
CAC sets Deadline to delist 100,000 Dormant Companies
Business News

CAC Defers New Registration Fees, Now October

...

Read more
NAFDAC raises concerns as Fake Cowbell Milk Floods Markets
Business News

NAFDAC raises concerns as Fake Cowbell Milk Floods Markets

...

Read more
EFCC detains NAHCON Top Official Over Alleged ₦50bn 2025 Hajj Fraud
Business News

EFCC detains NAHCON Top Official Over Alleged ₦50bn 2025 Hajj Fraud

...

Read more
NCAA orders Phones Off During Flights
Business News

NCAA orders Phones Off During Flights

...

Read more
Nigerian Government Hits Back as US Tighten Visa Rule
Business News

Nigerian Government Hits Back as US Tighten Visa Rule

...

Read more
9mobile Changes Name, Logo
Business News

9mobile Changes Name, Logo

...

Read more
Next Post
OOU Graduates 6,257 Students with 55 Bagging First Class

OOU Graduates 6,257 Students with 55 Bagging First Class

2023: Don’t Vote Anyone Above 70 Years for President, Makinde Tells Nigerians

2023: Don't Vote Anyone Above 70 Years for President, Makinde Tells Nigerians

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Court remands popular skitmaker, Trinity Guy Over risky Prank

Court remands popular skitmaker, Trinity Guy Over risky Prank

One year of Genocide: Important Dates in the Israel-Hamas War

One year of Genocide: Important Dates in the Israel-Hamas War

BOKO HARAM Repentants To Be Released, says FG

Most Popular

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid
Breaking News

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Increases CNG Price by ₦150/SCM
Business News

FG Increases CNG Price by ₦150/SCM

THE JUDICIARY ISN’T SADDLED WITH RESPONSIBILITY TO MAKE LAWS. HOWEVER WHAT ARE THE RAMIFICATIONS OF INTERPRETATING SOME STATUTES VIS A VIS THE LAW MAKING POWERS OF THE LEGISLATURE
Commentary

Iddat al-Wafāt (Widow’s Waiting Period): Its Legal Purposes in Islamic Law and a Comparative Reflection with Customary Practices in Nigeria

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In