cbn

SURVEY ON CBN RATE CUT EXPECTATIONS Overview: - Survey: A survey conducted by the Statistics Department of the Central Bank of Nigeria (CBN) gathered respondents' views on whether the interest rate should have been adjusted in July. Survey Results: - Majority's Opinion: About 74.2% of...

INFLATION, HIGH INTEREST DANGEROUS TO ECONOMIC GROWTH – ANALYSTS Main Points: 1. Economic Concerns: Analysts have warned that persistent inflation, high interest rates, and unemployment are undermining the benefits of Nigeria's GDP growth, which increased to 3.19% in Q2 2024 from 2.51% in Q2...

SEC, CBN APPROVES ECOBANK CUSTODY BUSINESS 1. Background Information: - Ecobank Nigeria Limited has received approval from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to launch its custody business operations in Nigeria. - The custody services in...

INSURANCE SHAREHOLDERS DEMAND CLEAR RECAPITALISATION ROADMAP 1. Recapitalisation Efforts and Legislative Context: - The Nigeria Insurance Industry Reform Bill 2024 is currently progressing through the National Assembly. - This bill aims to increase the minimum capital requirements for...

INFINITY TRUST MORTAGE BANK PLANS 50BN CAPITAL RAISE Infinity Trust Mortgage Bank Plc has announced its plan to raise N50 billion through a private placement. This capital increase is part of the bank's strategy to strengthen its capital base and support future growth. The announcement was made...

UNION BANK BEGINS RECAPITALISATION Summary: Union Bank of Nigeria has initiated a recapitalisation process, as disclosed by the Managing Director/CEO, Yetunde Oni, following the release of the bank's half-year financial results. This move aligns with the Central Bank of Nigeria's (CBN)...

ANALYSTS RAISE CONCERNS ABOUT THE N3.79 TRILLION HELD OUTSIDE NIGERIA'S BANKING SYSTEM 1. Surge in Unbanked Currency: - Current Data: The amount of currency outside Nigeria's banking system increased to N3.79 trillion in June 2024, up from N3.61 trillion in April. 2. Impact on CBN Policies...

SENATE'S PROPOSAL FOR FINES ON UNLICENSED INSURANCE FIRMS 1. Proposed Legislation: - Bill Overview: The Nigerian Senate has proposed a bill titled "Nigeria Insurance Industry Reform Bill, 2024," sponsored by Senator Tokunbo Abiru and 40 other senators. The bill aims to reform the insurance...

CBN DUMPS 12-MONTH FOREX POLICY WITH $876M AUCTION Key Points: 1. CBN Forex Auction: - Amount Auctioned: $876.26 million. - Participating Banks: 26 commercial banks. - Objective: Strengthen the naira by improving foreign exchange liquidity. 2. Impact on Naira: - Naira...

WHAT YOU SHOULD KNOW BEFORE INVESTING IN BANK SHARES - Author: Damilola Aina Key Points: 1. Central Bank Directive: - Reason for Investment Focus: The Nigerian banking sector is a current investment hotspot due to a new Central Bank of Nigeria (CBN) directive. - Mandate: Increase in...

BREAKING: The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.

INFLATION: OPS OPPOSES FRESH INTEREST RATE HIKE AS MPC MEETS TODAY 1. Overview: - The Organised Private Sector (OPS) has expressed opposition to any increase in interest rates as the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meets in Abuja. 2. Previous Interest Rate...

JAIZ BANK PLANS N70BN CAPITAL BASE BY DECEMBER 2024 Jaiz Bank has announced plans to increase its capital base to N70 billion by the end of 2024, reaffirming its commitment to becoming a central hub for Islamic banking in Africa. This information was disclosed by the Chairman of the Board of...

NGX LISTS WEMA BANK’S RIGHTS ISSUE OF 8.572 BILLION SHARES The Nigerian Exchange Limited (NGX) has listed Wema Bank Plc’s Rights Issue of 8.572 billion ordinary shares of 50 Kobo each at N4.66 per share on its Daily Official List. This addition was detailed in the NGX weekly report, as seen by...

SUBSCRIPTION FOR 9 BILLION SHARES OF GTCO AT N44.50 PER UNIT OPENS Guaranty Trust Holding Company (GTCO) Plc has commenced a public offer to raise N400.5 billion to strengthen its operations, including its banking subsidiary, GTBank Nigeria Limited. This move follows a Central Bank of Nigeria...

CBN TO AUCTION N166bn T-BILLS The Central Bank of Nigeria (CBN) will auction N166.1 billion in Treasury bills. The auction includes N27.11 billion for 91-day bills, N1.49 billion for 182-day bills, and N137.50 billion for 364-day bills. The CBN plans to issue N1.56 trillion in Treasury bills in...

The Central Bank of Nigeria (CBN) raised N284.26 billion from yield-hungry investors in its latest Nigerian Treasury Bills (NTBs) auction on Wednesday, June 26, 2024. According to the Debt Management Office (DMO), the auction attracted significant interest, with total subscriptions amounting to...

HERITAGE BANK: SHAREHOLDERS PUSH FOR MD, EDs’ PROBE Some minority shareholders of the failed Heritage Bank have called for an investigation into the management and directors of the bank following the revocation of its license by the Central Bank of Nigeria (CBN). The CBN stated that the...

CAPITALISATION: FIDELITY BANK OPENS N127BN PUBLIC OFFER Fidelity Bank has initiated a public offer and rights issue to raise N127.1 billion to comply with the Central Bank of Nigeria’s new capitalisation requirements. The bank aims to collect N97.5 billion from the public offer and N29.6...

NIGERIAN BANKS SUBMITTING RECAPITALISATION PLANS, CENTRAL BANK SAYS Nigerian banks have started submitting their plans to meet the new minimum capital requirements set by the Central Bank of Nigeria (CBN) to enhance the financial system and support economic growth. This comes after the CBN...