BREAKING NEWS: CBN HAS COME WITH NO MORE LIMIT ......

Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news Read now ➤ Home Business and Economy Money MONEY No More Limit: CBN Makes Changes on Access, GTB, UBA, Zenith, Other Banks Savings Accounts Updated Saturday, November 11, 2023 at 5:38 AM by  Dave Ibemere The CBN continues to make policy adjustments as it seeks to enhance the efficiency of its policies The latest decision involves removing limits on the SDF window for Access, GTB, UBA, and other banks Banks are now able to earn more from their excess cash through the Standing Deposit Facility (SDF) PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration! Dave Ibemere has over a decade of experience covering tech, energy, stocks, investments, and the economy The Central Bank of Nigeria (CBN)'s decision to remove the limits placed on the Standing Deposit Facility (SDF) is good news for banks. Before this decision, commercial banks were not allowed to deposit more than N2 billion daily with the CBN. Banks deposit with CBN using SDF and make interest Photo credit: CBN Source: Facebook The SDF is like a savings account for banks at the central bank. Banks can deposit extra money there, and the central bank pays them interest. READ ALSO No more N770/$: Nigeria Customs announces new exchange rate for importers to clear goods at port PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! It is one of the measures the apex bank uses to control how much money is available in the banking system and influence interest rates. CBN removes deposit limit Leadership reports that since the CBN removed the limits on SDF, the net deposits of banks at the CBN window have now soared to N2.3 trillion in October 2023 as against a monthly average net borrowing of N1.4 trillion recorded. On their part, Access Bank, United Bank for Africa, Zenith Bank, and other commercial banks have been exploring the CBN deposit window to earn more. Based on the last monetary policy meeting held in July 2023, a deposit on SDF attracts interest at 15.75 per cent with an asymmetric corridor of +100/-300 basis points around the 18.75 per cent rate. READ ALSO Domiciliary account balance hits $29bn as naira falls to lowest in history at official market This means more money in interest for the banks as they deposit their excess cash with the CBN. Full List: FG releases names of illegal loan apps, asks Google to delete them Legit.ng earlier reported that the FCCPC gave loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned. FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines. The commission said compliance with its rules was mandatory, and failure to adhere constitutes a violation of the law. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news TAGS: GUARANTY TRUST BANK - GTBANKCBN - CENTRAL BANK OF NIGERIAACCESS BANK HOT: MILEY CYRUS MOM BRAIDS WITH BEADS PABLO ESCOBAR WIFE BET9JA COMPANY VICENTE FERNANDEZ JR Home Politics POLITICS BREAKING: Uzodimma In Early Lead in Imo 2023 Governorship Election, Wins 17 of 27 LGAs Updated Sunday, November 12, 2023 at 8:27 AM by  Nurudeen Lawal In the November 11, 2023 governorship election in Imo state, Governor Hope Uzodimma of the All Progressives Congress (APC) has secured victory in 17 out of the 27 local government areas where results have been announced so far. PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration! The collation of results began at 02:30 am on Sunday in Owerri, the state capital, with Prof Abayomi Fashina, the Vice Chancellor of the Federal University, Oye Ekiti, serving as the state Returning Officer for the Independent National Electoral Commission (INEC). Uzodimma In Early Lead in Imo 2023 Governorship Election, Wins 17 of 27 LGAs Source: Twitter Imo 2023 guber: Breakdown of LGAresults 1. Oru West LGA Accredited voters 42965 PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! APC – 38026 LP – 1867 PDP – 987 Total valid votes – 41373 Total votes cast – 42318 READ ALSO Kogi governorship election: SDP's Murtala Ajaka defeats APC, PDP in polling unit 2. Njaba LGA Accredited Voters – 12098 ADVERTISEMENT APC – 8110 LP – 995 PDP – 2404 Valid votes – 11736 Total votes – 12030 3. Owerri North LGA Registered voters – 134555 Accredited voters – 18398 APC – 8536 LP – 4386 PDP – 3449 Valid votes – 17440 Total votes cast – 18016 4. Nwangele LGA Registered voters – 55535 Accredited voters – 33259 APC – 29282 LP – 895 PDP – 2132 Valid votes – 32597 Votes cast – 32959 5. Owerri Municipal LGA Registered voters – 134169 Accredited voters – 11110 APC – 5324 LP – 2914 PDP – 2180 Valid votes – 10813 Votes cast – 11054 6. Orsu LGA Accredited voters – 19139 APC – 18003 LP – 813 PDP – 624 Valid votes 19589 Votes cast 19795 7. Okigwe LGA Registered voters – 75410 Accredited voters – 63935 APC – 55585 READ ALSO Bayelsa gov'ship election 2023: List of academic credentials Diri, Sylva, others submitted to INEC LP – 2655 PDP – 1688 Valid votes – 62970 Total votes cast – 63935 8. Ideato South LGA Registered voters – 79361 Accredited voters – 21935 APC – 16891 LP – 1649 PDP – 2469 Valid votes – 21370 Total votes cast – 21650 9. Onuimo LGA Registered voters – 36717 Accredited voters – 18405 APC – 13434 LP – 1753 PDP – 2676 Valid votes – 18240 Total votes cast – 18276 10. Ngor-Okpala LGA Registered voters – 102048 Accredited voters – 22111 APC – 14143 LP – 2716 PDP – 3451 Valid votes – 21492 Total votes cast – 22003 11. Oru East LGA Registered voters – 85080 Accredited voters – 74324 APC – 67315 LP – 3443 PDP – 2202 Valid votes – 74286 Total votes cast – 74290 12. Isu LGA Registered voters – 55203 Accredited voters – 15974 APC – 11312 LP – 1253 READ ALSO Access, Zenith, UBA, other banks borrow N268 billion from CBN amid rumoured cash crunch PDP – 2508 Valid votes – 15776 Total votes cast – 15932 13. Ahiazu Mbaise LGA Registered voters – 98887 Accredited voters – 16097 APC – 8369 LP – 2214 PDP – 3507 Valid votes – 15353 Total votes cast – 15878 14. Nkwerre LGA Registered voters – 59926 Accredited voters – 26993 APC – 22488 LP – 1320 PDP – 2632 Valid votes – 26764 Total votes cast – 26906 15. Aboh Mbaise LGA Registered voters – 111207 Accredited voters – 16084 APC – 9638 LP – 2455 PDP – 1724 Valid votes – 15415 Total votes cast – 15790 16. Owerri West LGA Registered voters – 140242 Accredited voters – 16296 APC – 9205 LP – 2597 PDP – 3305 Valid votes – 15712 Total votes cast – 16223 17. Isiala Mbano LGA Registered voters – 99076 Accredited voters – 15911 APC – 10860 LP – 2419 PDP – 1659 READ ALSO 2023/2024: UNILAG opens portal for 2nd batch screening, registration exercise for new students Valid votes – 15202 Total votes cast – 15531 Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news TAGS: APCIMO STATEINEC2023 NIGERIAN ELECTIONSHOPE UZODINMA HOT: SARAH BEATTIE INSTAGRAM GOOGLE OWNS YOUTUBE FRANCESCA EASTWOOD SIBLINGS ASHLEY UNDERWOOD Home Business and Economy Technology TECHNOLOGY “Accept Our Apologies”: MTN Sends Important Message As Subscribers Celebrate Debt Cancellations Updated Saturday, November 11, 2023 at 4:17 PM by  Dave Ibemere MTN Nigeria subscribers woke up on Saturday to find out that all outstanding debts related to borrowed data and calls has been cleared The subscribers took to social media to share their joy after realizing that they had no debts to pay MTN is the biggest network in Nigeria, with over 85 million subscribers, according to the Nigerian Communications Commission (NCC) PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration! Dave Ibemere has over a decade of experience covering Business and the Economy MTN subscribers across Nigeria rejoiced on Saturday, October 11, 2023, after the extra time debts in their accounts disappeared. The surprising event sparked both relief and curiosity among affected subscribers. MTN Subscribers borrowed data, calls debts cleared, reasons emergePhoto credit: George Osodi Source: Facebook MTN has an XtraTime service that allows you to borrow airtime on credit when you run out of airtime and pay it back on your next recharge. READ ALSO "My MTN debts have been cleared": Lady dances, rejoices after checking her MTN account balance PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! MTN customers celebrate @Nkunkumehn wrote: "MTN Nigeria don clear our debts!" Joy.opukiribestman said: "MTN cleared my N6,000 debt. Now make I borrow N5,000 if they will clear am again. So MTN don clear N4,000 wey I owe" @Ibrahim__write also confirmed: "MTN Nigeria cleared my 10k debt on a line I've never used for 2 years now. Imagine how you would feel when someone you owe says to you, 'I dashed you for life'. "What a wonderful way to influence customer experience." MTN explains debt cancellation Responding to Legit.ng inquiries on the debt cancellation, Fusho Aina, Senior Manager External Relations at MTN, confirmed the development. However, he noted that the debt cancellation was just a glitch. A statement sent reads: READ ALSO Imo election: Passwords to upload results to INEC’s iREV withdrawn? Fact emerges "MTN Nigeria Communications Plc can confirm a system glitch impacting balance enquiries. "As a result, some customers may receive error messages showing that their balances have been cleared. "This is not the case and all balances will reflect accurate figures once the problem is resolved. "Our engineers are currently working to resolve this. Please accept our apologies. We regret the inconvenience." Full List: FG releases names of illegal loan apps, asks Google to delete them In another development, Legit.ng reported that the FCCPC has given loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned. FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines. The commission said compliance with its rules was mandatory, and failure to adhere constitutes a violation of the law. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! 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Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news Our applications for phones Naij.com Media Limited, 2023 All rights reserved Read more: https://www.legit.ng/politics/1563253-breaking-uzodimma-early-lead-imo-2023-governorship-election-wins-17-27-lgas/