* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, August 7, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

    Hank Hill returns to a changed world in new ‘King of the Hill’ episodes – New Haven Register

    Hank Hill Navigates a Bold New World in Thrilling New ‘King of the Hill’ Episodes

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Midland Innovation and Technology Charter School closing down – CBS News

    Midland Innovation and Technology Charter School Closes Permanently

    Future Trends In HR Technology – Dataconomy

    Future Trends In HR Technology – Dataconomy

    Nasdaq-listed Verb Technology to build $558 million TON treasury, rebrand as TON Strategy Co. – The Block

    Nasdaq-Listed Verb Technology to Build $558 Million TON Treasury and Rebrand as TON Strategy Co

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

    Hank Hill returns to a changed world in new ‘King of the Hill’ episodes – New Haven Register

    Hank Hill Navigates a Bold New World in Thrilling New ‘King of the Hill’ Episodes

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Midland Innovation and Technology Charter School closing down – CBS News

    Midland Innovation and Technology Charter School Closes Permanently

    Future Trends In HR Technology – Dataconomy

    Future Trends In HR Technology – Dataconomy

    Nasdaq-listed Verb Technology to build $558 million TON treasury, rebrand as TON Strategy Co. – The Block

    Nasdaq-Listed Verb Technology to Build $558 Million TON Treasury and Rebrand as TON Strategy Co

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Borrowers face surge in interest payment after CBN’s rate hike

May 23, 2024
in Business
Borrowers face surge in interest payment after CBN’s rate hike
Share on FacebookShare on Twitter

Customers who borrowed money from the banks will begin to witness a surge in interest payments, following the third straight time increase in benchmark Interest rate by the Central Bank of Nigeria (CBN).

The CBN on Tuesday after the two days Monetary Policy Committee (MPC) meeting in Abuja, raised Its monetary policy rate (MPR) by 150 basis points to 26.25 percent from 24.75 percent in March 20234.

Some commercial banks have responded to the development by reprising their assets.

In a notice addressed to its customers, GTCO announced a decision to increase the interest rates on its loan facilities. The decision, as outlined in the notice, comes in response to prevailing money market conditions characterised by a general uptick in interest rates.

According to the notice, the adjustment will affect customers with existing MaxPlus loan facilities, with the current interest rate of 27 percent being revised upwards to 28.5 percent. The new interest rate is set to take effect from the 5th of June, 2024.

GTBank expressed appreciation for the continued patronage of its customers while notifying them of the forthcoming changes in their loan terms.

GTCO wrote, “the decision to review the interest rate on your facility upwards. This decision was taken in view of the current money market conditions characterised by a general rise in interest rates.

“To this end, please be advised of an upward review in the applicable interest rate(s) on your loan facility or facilities as highlighted below:

“Facility Type : MaxPlus Existing Interest Rate (%): 27

New Interest Rate (%): 28.5 Effective Date: 5th June 2024

Please be assured of our appreciation of your esteemed patronage always. We will continue to provide updates.”

Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting, a pan-African credit rating agency, noted the impact of CBN regulations on banks’ interest rates. According to him, the relationship between interest rates and the CBN’s Monetary Policy Rate is pivotal. He stated, “It’s not that banks like to raise interest payments. Banks do not have a choice, once the CBN increases MPR, the bulk of them will raise the interest payment.

Elaborating on the nature of bank loans, Olubunmi emphasised their flexibility, noting that “the loans are flexible interest rate loans for which the interest rate is not stagnant. It’s even written subject to macroeconomic conditions.” He attributed recent interest rate adjustments to decisions made by the MPC, stating, “It was because the MPC raised the MPR that is why banks are actually increasing interest payments.

He observed a trend among banks reallocating funds towards government securities due to their increasing attractiveness amid rising rates.

On the impact on customers, Olubunmi said, “On the side of the customer, it also means the cost of borrowing is higher because you have a higher interest rate to pay. There will be reluctance to take bank loans and there will be a reduction in credit to the economy.” He emphasised the potential consequences of elevated interest rates on borrowers and the overall credit activity in the economy.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/business-economy/article/borrowers-face-surge-in-interest-payment-after-cbns-rate-hike/

Tags: borrowersbusinesssurge
Previous Post

India eyes ₹1 lakh crore bonanza from RBI, aiding budget

Next Post

Turkish Airlines sacks 7 Nigerian staff over $600,000 ticket racketeering

A quilt-themed exhibit is coming to NYC’s American Folk Art Museum this fall – Time Out Worldwide

Discover the Magic of Quilts: Don’t Miss This Captivating NYC Exhibit This Fall!

August 7, 2025
Maximizing pasture potential, the science behind multi-species grazing – Beef Magazine

Unlocking the Power of Multi-Species Grazing: Science-Backed Strategies to Maximize Pasture Potential

August 7, 2025
The Council for Responsible Nutrition announces Science in Session theme and lineup – Nutritional Outlook

Council for Responsible Nutrition Reveals Thrilling Science in Session Theme and Speaker Lineup

August 7, 2025
Alibaba Upgrades Taobao Lifestyle Experience with New Cross-platform Loyalty Program – Alizila

Alibaba Upgrades Taobao Lifestyle Experience with New Cross-platform Loyalty Program – Alizila

August 7, 2025
BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

August 7, 2025
Sports card industry leaders on what’s working and why trust needs to be improved – The New York Times

Sports card industry leaders on what’s working and why trust needs to be improved – The New York Times

August 7, 2025
‘Icy cool’: How Claudia Sheinbaum is navigating Trump’s new world order – Politico

Icy Cool’: How Claudia Sheinbaum Is Navigating the Challenges of a New Global Era

August 7, 2025
The U.S. Economy Is Stumbling Badly – Washington Monthly

The U.S. Economy Confronts Major Challenges Ahead

August 7, 2025

SM Entertainment revenue up, concert earnings flat – IQ Magazine

August 7, 2025
Has the Trump administration made America healthier? – EWG

Did the Trump Administration Improve America’s Health?

August 7, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (759)
  • Economy (782)
  • Entertainment (21,659)
  • General (16,337)
  • Health (9,821)
  • Lifestyle (792)
  • News (22,149)
  • People (783)
  • Politics (791)
  • Science (15,995)
  • Sports (21,279)
  • Technology (15,762)
  • World (764)

Recent News

A quilt-themed exhibit is coming to NYC’s American Folk Art Museum this fall – Time Out Worldwide

Discover the Magic of Quilts: Don’t Miss This Captivating NYC Exhibit This Fall!

August 7, 2025
Maximizing pasture potential, the science behind multi-species grazing – Beef Magazine

Unlocking the Power of Multi-Species Grazing: Science-Backed Strategies to Maximize Pasture Potential

August 7, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version