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Small Business Funding

CBN Announces New Rates for Access Bank, UBA, GTbank, Zenith, Other Banks [Video]

  • The Central Bank of Nigeria has announced new lending rates for commercial, merchant, and payment banks
  • CBN gives loans to banks using the Standing Lending Facility (SLF) and deposits from banks using the Standing Deposit Facility (SDF)
  • The new rates are part of CBN’s ongoing efforts to manage liquidity and stabilise the banking sector amidst evolving economic conditions

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has resumed lending to banks through the Standing Lending Facility (SLF).

The apex bank, in a new circular signed by Omolara Duke, Director of the Financial Market Department, pegged the new lending rate at 31.75%.

CBN resumes lending to banksPhoto credit: cbnnigeriaSource: Facebook

A Standing Lending Facility (SLF) is a process that allows banks to borrow moneyfrom a central bank, such as the CBN, on an overnight …

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Small Business Funding

Debris removal slowly continues after Helene [Video]

Weeks after Hurricane Helene swept through the area, large piles of debris continued to line the streets of neighborhoods across Greenwood County. Residents say cleanup efforts are dragging on longer than expected, but county officials confirm progress is being made while also acknowledging that there is a long road ahead. According to Greenwood County leaders, in the immediate aftermath of Helene, the county experienced a 100% power outage, and nearly every street was blocked by storm damage. Local business owner Taylor Tucker, who runs Thayer's Furniture and Fine Gifts, says she continues to hear stories of hardship from her customers. It was like PTSD almost. They wanted to talk about it, Tucker said. Like many others in the county, Tuckers street remains cluttered with piles of debris. She worries the conditions are becoming hazardous. When I come home at night, and its dark, and we dont have a streetlight there, you have to be very careful because people have pushed the debris into the road, and youll just hit huge limbs and logs, she said. So, Im very careful when I drive now. According to Abby Banks, public information officer of Greenwood County, the county has a slower cleanup pace compared to larger counties in the Upstate due to the countys limited resources.Any time that you are a smaller county, you have less resources to take care of , Banks said. And while we may have fewer people, we have a lot of square footage, a lot of miles and a lot of roads to cover. Despite the challenges, Tucker expressed trust in the countys efforts. Im going to give a lot of grace because weve never experienced anything like this, she said. The debris that has built up is unbelievable. To address the ongoing recovery, county leaders recently approved additional funding for debris removal and passed an ordinance allowing residents to stay on their property in recreational vehicles while their homes are being repaired. We want to keep families together, Banks said. We dont want those displaced by Helene to have extra driving that they have to do to get to work or get their kids to school. Banks says Greenwood County teams are handling debris removal on private roads and neighborhoods, while the South Carolina Department of Transportation is managing state and county roads. As the recovery continues, residents like Tucker are holding onto hope that their neighborhoods will be restored soon.