cbn

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...

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...