Browsing: CBN

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.

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.

Bond Auction: DMO Reduces Total Borrowing Plan for Q3:2020. The Debt Management Office, DMO, has indicated plan to lower borrowing target for the third quarter, (Q3:2020) as reflected in its bond auction calendar.

Nigeria’s Inflation Rate for June Spikes to 12.56%. Nigeria’s inflation rate for June rises to 12.56%, the National Bureau of Statistics, NBS, has revealed in its June report.

NDIC Seeks Collaboration with CBN in Banks Licensing. The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the need for the corporation to be involved in the process of licensing banks in collaboration with the Central Bank of Nigeria (CBN).

Banks Debtors in Trouble as CBN Activates Inter-bank Debits. Guidelines will improve repayments, reduce NPL ratios, serve as credit profiling tool and improve private sector credit

Maize: CBN tells Authorised Dealers to Stop Processing Form M

Foreign Exchange Inflows into IEW Drops Strongly in Q2. Foreign exchange accretion into the Importers and Exporters Window went southward in the second quarter of 2020.

CBN Moves to Converge FX Rates to Raise Average Price Level. The Central Bank of Nigeria moves to achieve convergence in the foreign exchange market will raise headline inflation, FSDH has said.

Expected credit loss amid aftermath of the coronavirus outbreak. At transition date in 2018, Deloitte Nigeria in one of its reports faulted application of the International Financial Reporting Standard 9 by the Nigerian Banks.