Tag Archives: Monetary Policy Committee

Banks have begun to increase interest rates on deposits in line with the sustained hike in the Monetary Policy Rate, MPR, by the Central Bank of Nigeria, CBN. At its last Monetary Policy Committee, MPC, meeting previous week, CBN raised MPR by another 25 basis points the sixth consecutive raise …

The Central Bank of Nigeria’s intervention funds under its Export Facilitation Initiative rose to N44.58bn in October 2022. The bank disclosed this in statements released on its last Monetary Policy Committee meeting in 2022. “Under the Export Facilitation Initiative, the Bank provided support for export-oriented projects to the tune of …

Capital importation into Nigeria has fallen by 81.46 per cent ($6.91bn) from $8.49bn in the first quarter of 2019 to $1.57bn in the corresponding quarter of 2022, according to data from the National Bureau of Statistics. Based on the NBS’s ‘Nigerian Capital Importation’ reports for the first quarters of 2019, …

Nigeria’s local currency, Naira, faced severe pressures last week, forcing it to a record depreciation against the US Dollar in both the parallel market and Investors and Exporters (I&E) window. This came at the backdrop of the $600 million accretion to the nation’s foreign reserves during the week. In the …

Financial Derivatives Company Limited (FDC) has said the Nigerian economy is expected to grow by 2.6 per cent in the second quarter of this year, up from 0.51 per cent in Q1. Analysts at Lagos-based FDC, led by an economic expert, Mr Bismarck Rewane, said the expansion of the GDP …

The chief executives of deposit money banks in the country have warned customers against using fraudulent methods to get access to foreign exchange (Forex) from banks, saying those caught perpetrating such acts would be prosecuted. Some of the fraudulent activities observed by the executives include using expired travel tickets and …

…Strengthens supervision of banks’ compliance with new forex regime The Central Bank of Nigeria (CBN) yesterday dispelled speculations that it was planning to convert the foreign currency (FX) in domiciliary accounts of bank customers into naira. The bank further assured members of the public that it would monitor the commercial …

Vulnerable borrowers benefitting from the Central Bank of Nigeria’s (CBN) COVID-19 forbearance hold about 37.72 per cent of the entire banking industry loan portfolio as of April. A member of the Monetary Policy Committee, Robert Asogwa, said this in his personal statement, which was released by the CBN on Saturday. …

Nigeria’s trade deficit rose from $1.69bn in December 2020 to $2.51bn as of the end of January 2021 despite the reopening of the borders, statistics made available by the Central Bank of Nigeria have shown. For more than a year, the Federal Government shut the country’s land borders due to …

The Central Bank of Nigeria (CBN)  has disbursed N803 billion as part of its intervention fund to the manufacturing sector  as of February. Figures obtained from the CBN’s report on the Monetary Policy Committee revealed this on Tuesday, April 12. The report read: “Under the N1 Trillion manufacturing intervention stimulus, the …