cbn

CBN WITHDRAWS N1.3 TRILLION FROM BANKING SYSTEM IN SEPTEMBER TO TIGHTEN LIQUIDITY The Central Bank of Nigeria (CBN) withdrew N1.3 trillion from the banking system in September 2024 through Nigerian Treasury Bills (NTB) and Open Market Operations (OMO) auctions, according to a report by...

CBN’s BOLD MOVE: CARDOSO DEFENDS 27.75% INTEREST RATE HIKE TO TACKLE INFLATION Detailed Breakdown: The Central Bank of Nigeria (CBN) recently raised the Monetary Policy Rate (MPR) to 27.75%, a move Governor Yemi Cardoso described as necessary but "painful" for borrowers. While addressing the...

NIGERIAN BANKS DEPLETE N132BN OF CBN's INTERVENTION FUND AMID SCRUTINY Summary: A recent report reveals that Nigerian banks have reduced the intervention funds left in their possession to N399.34bn, following a Central Bank of Nigeria (CBN) decision to end the scheme a year ago. Between...

INTEREST RATE HIKE AND NAIRA STABILITY The Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) by 50 basis points (bps) to 27.25% and the cash reserve ratio (CRR) by 200 bps to tackle inflation and stabilize the naira. This move is aimed at curbing inflationary pressures...

CBN GOVERNOR HIGHLIGHTS DANGOTE REFINERY’s IMPACT ON EASING FX PRESSURE AND REDUCING FOOD PRICES The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated that lifting petroleum products from the Dangote Refinery will help reduce foreign exchange demand pressures and moderate...

SEC GUIDELINES ENHANCED TRANSPARENCY IN BANK'S RECAPITALIZATION PROCESS The Securities and Exchange Commission (SEC) has highlighted that its guidelines played a pivotal role in ensuring the transparency of Nigeria’s recent banking recapitalisation exercise. Dr. Emomotimi Agama, the...

MPC MAY LOWER INTEREST RATES AMID FALLING INFLATION Analysts anticipate that the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) may reduce the benchmark interest rate as they meet to deliberate on the country's financial conditions. The two-day meeting, which begins today...

FUEL PRICE HIKES CREATE POLICY DILEMMA FOR CENTRAL BANK'S MPC AMID INFLATION CONCERNS The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) faces a challenging decision as the recent hikes in petrol prices complicate potential monetary policy adjustments. Analysts had expected...

CBN TO HOLD ITS 297TH MONETARY POLICY COMMITTEE (MPC) MEETING ON SEPTEMBER 23 AND 24, 2024. Key Details: 1. Event: The Central Bank of Nigeria (CBN) will hold its 297th Monetary Policy Committee (MPC) meeting on September 23 and 24, 2024. 2. Location & Time: The meeting will take place at the...

CBN APPOINTS KASSIM GIDADO AS BOARD CHAIRMAN OF POLARIS BANK Detailed Breakdown: The Central Bank of Nigeria (CBN) has appointed a new board of directors for Polaris Bank, marking a significant step in the bank's governance. Key Appointment: Kassim Gidado has been named as the new chairman of...

CBN MAY HALT INTEREST RATE HIKE AS INFLATION FALLS TO SIX-MONTH LOW Detailed Breakdown: Nigeria's inflation rate dropped to a six-month low in August 2024, giving the Central Bank of Nigeria (CBN) the potential opportunity to pause its current cycle of interest rate hikes, according to a...

NIGERIAN BANKS BORROWED N3 TRILLION FROM CBN 1. Banks Borrow N3 Trillion: Nigerian banks and discount houses borrowed a significant amount of N3 trillion from the CBN using the Standing Lending Facility (SLF) within a single week. The SLF is a tool used by the CBN to provide short-term...

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...