Author: Marketforces Africa

No Swing: Why MPC Maintains Status Quo, Hold Key Rates The Monetary Policy Committee (MPC) meeting that was held on 20th July 2020, has just been concluded and the committee voted to hold all policy parameters constant. The benchmark interest rate (MPR) was held to 12.50% while the cash reserve ratio remains at 27.50%. Meanwhile, the Committee voted that the asymmetric corridor should be retained at +200bps and -500bps around the MPR. Also, the liquidity ratio has been maintained at 30%. Ahead of the meeting, analysts have maintained that the policy committee would avoid to rock the boat by maintaining…

Access Bank Completes Acquisition of Kenyan Transnational Bank Plc Access Bank Plc on Monday announced that it had successfully completed acquisition of the Transnational Bank (Kenya) Plc following receipt of full regulatory approvals and fulfillment of all conditions. The Company Secretary, Mr Sunday Ekwochi, informed the investing public and the Nigerian Stock Exchange (NSE) in a statement posted on the website of the Exchange. He said that the lender’s entry into the Kenyan market, a key gateway in East Africa, bringing it a step closer to its vision of becoming the World’s Most Respected African Bank. Ekwochi said that the…

Wema Bank Builds Training Academy to Enhance Innovation, Performance. Wema Bank Plc has built a new training school, Wema Purple Academy, with the multi-purpose function of providing quality training for staff as well as a space for innovators to collaborate.

IFC Supports Access Bank with $50 million for On-lending to SMEs. IFC, a member of the World Bank Group, is providing a loan of up to $50 million to Access Bank Plc to help the bank increase liquidity to thousands of small and medium-sized enterprises (SMEs) in Nigeria which are navigating the econ

Inter-Bank Debit: Analysts Seek Coverage for Instant Credit Vendors. Some analysts have raised thumb up for the Central Bank of Nigeria for activation of the global standing instruction that permits inter-bank debits on debtors account.

CBN to Continue to Pressure Banks to Drive OMO Stop Rates Down. Nova Merchant Bank said it expects the Central Bank of Nigeria to continue to pressure banks to drive Open Market Operations (OMO) stop rates lower.

MPC and the Three Evils of Unemployment, Interest & Inflation Rates. The Central Bank of Nigeria’s (CBN) Monetary Policy Committee will be meeting today to reflect on developments in the local and global economies and how it affects it choice of policies.

SEC to streamline market investment processes, says DG. The Securities and Exchange Commission (SEC) has promised to streamline processes involved in getting back investments in the market to boost investors’ confidence.

FAAC Shares N651.18 Billion to FG, States, LGs in June. The Federation Accounts Allocation Committee (FAAC) has shared N651.18 billion Federation Account Revenue to the federal, states and local government councils and relevant agencies for the month of June.

Tough Tasks for MPC as Inflation Rate Outpaces MPR. Tough job for the Central Bank of Nigeria’s Monetary Policy Committee as headline inflation which settled at 12.56% in June outpaced the benchmark interest rate of 12.50%, thus further widened negative return in the fixed income market.