Post MPC Meeting Report May 2024- MPC Maintains Tightening
The Central Bank of Nigeria (CBN) maintained its hawkish stance at its 295th Monetary Policy Committee (MPC) meeting on May 20th-21st, 2024. The Monetary Policy Rate (MPR) was tightened further by 150bps to 26.25%. This decision is a strong signal of the apex bank’s commitment to curbing inflation and addressing FX pressures through contractionary monetary […]
Post Monetary Policy Committee Meeting February 2024 – MPC Takes a More Aggressive Stance Against Inflation
Post Monetary Policy Committee Meeting February The first (1st) Monetary Policy Committee (MPC) meeting chaired by the new Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, was held on the 26th and 27th of February 2024. At the meeting, monetary policy tools were aggressively tightened to rein in inflation and curb excess money supply. […]
CBN’s Commitment to Boosting FX Liquidity amid FX Supply Issues
Yesterday, the Central Bank of Nigeria (CBN) issued a circular reaffirming its dedication to enhancing foreign exchange (FX) liquidity and addressing the recent FX challenges in the market. The bank’s plan encompasses six (6) key points, one of which involves lifting the restrictions placed on the forty-three (43) items prohibited from accessing FX through the […]
FX Policy Reforms: CBN Guidance to the Banking Sector
Yesterday, the Central Bank of Nigeria (CBN) released a letter highlighting prudential guidelines to the banking sector, following the impact of the recent foreign exchange (FX) rate regime change. The letter observed the impact of the regime change on the banking sector and the resulting effect on the Naira value of banks’ foreign currency (FCY) […]
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 […]
