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The second bank that Canara Bank acquired was Seasia Midland Bank , which had been established on 26 July 1930 and had seven branches at the time of its takeover. [ 5 ] In 1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad .
This is a list of commercial banks and other credit institutions with in Nigeria, as updated late 2024 by the Central Bank of Nigeria. [ 1 ] List of commercial banks
Bank rate, also known as discount rate in American English, [1] and (familiarly) the base rate in British English, [2] is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as ...
The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies.
The overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market. In some countries (the United States , for example), the overnight rate may be the rate targeted by the central bank to influence monetary policy .
The national debt of Nigeria has increased over time due to various factors, such as government spending, revenue, economic growth, inflation, exchange rates, and interest rates. [4] The ratio of debt to gross domestic product (GDP) is often used as an indicator of the sustainability and solvency of the national debt. [ 4 ]
In the IANA time zone database, Nigeria is given one zone in the file zone.tab—Africa/Lagos. Lagos is Nigeria's capital city. "NG" refers to the country's ISO 3166-1 alpha-2 country code. Data for Nigeria directly from zone.tab of the IANA time zone database; columns marked with * are the columns from zone.tab itself: [8]
The ten Naira note, distinguished by its orange tint, bears the likeness of Alvan Ikoku, a figure notable for his contributions to education in Nigeria.His representation on the note commemorates his pioneering efforts in establishing one of the earliest African-owned secondary schools, thus exemplifying the nation's commitment to educational development.