Weekly Commentary and Stock Recommendation: 18th September – 22nd September 2023
Global Economy The Bank of England left interest rates unchanged on Thursday for the first time in nearly (2) two years during a long-running battle against persistently high inflation. Consequently, policymakers at the central bank kept interest rates constant at 5.25%, the highest since early 2008, pausing after 14 consecutive rate increases. However, it was […]
CBN’s Financial Statements | Letting the Cat Out of the Bag
Last week marked a significant development as the Central Bank of Nigeria (CBN) unveiled its financial statements spanning the period from 2016 to 2022. This disclosure comes on the heels of the suspension of Mr. Godwin Emefiele, the former governor of the bank. We believe that this move aligns with the new administration’s commitment to […]
Post MPC Meeting Report – Hawkish MPC Tightens the Asymmetric Corridor
During the 292nd Monetary Policy Committee (MPC) meeting conducted on the 24th and 25th of July 2023, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) maintained its hawkish streak, for the eighth (8th) consecutive time since May 2022. The Monetary Policy Committee (MPC) decided to increase the Monetary Policy Rate (MPR) by 25bps to […]
Monetary Policy: MPC Springs a dovish surprise
MPC Springs a dovish surprise The CBN Monetary Policy Committee (MPC) voted to cut the key benchmark interest rate by 50bps to 13.5%, taking the Standing Lending Facility and standing deposit facility to 15.5% and 8.5% respectively. The decision was surprising in that ARM Research and most analysts surveyed by Bloomberg anticipated no change in […]
