Browsing: CBN

Net FX Position, Hedge Contracts to Help Banks Survive Pressure. The Nigerian banks abilities to survive regulatory and ‘virus’ triggered economic challenges would depend on their structure, net dollar position…

Banks go to IFC for Emergency Working Capital Support. Some of the leading Nigerian Banks are trooping to access facilities from the International Finance Corporation, IFC, the recent pattern has shown.

World Bank Financial Policy Priorities in Response to COVID-19. The World Bank Group expectations for financial policy priorities in responses to coronavirus pandemic is contain in its document and detail the following:

Analysts say FX Liquidity Pressure Looms Large in Banks. Analysts

CBN Hints on FX Convergence around NAFEX rate, Put backlog at $2.5bn. The Central Bank of Nigeria says the nation’s external reserve remains substantial to service foreign exchange obligations as it estimated foreign exchange backlog at $2.5 billion.

Fiscal Deficit: FG Raised 67% of External Borrowing Plan – DMO. The Debt Management Office has told investors that the federal government has raised 67% of its external borrowing plan to finance its fiscal deficit for 2020.

Naira Trades Strong despite Marginal Decline in Oil Prices. The Nigeria’s local currency, naira, stands strong and stable amid decline in global prices of oil. In the week, oil prices dropped due to weak demand and partial supply glut with inventory rising speedily.

“Growth to Remain Stagnant if Nigeria Continues to Prioritise FX Stability”. Patrick Curran, a Senior Economist at Tellimer, an emerging market focus investment firm has said Nigeria is muddling through the new normal.

CBN Rationalises Policies to Prevent Imminent Recession. The Central Bank of Nigeria has come out to defend its unorthodox policies, said it will not be deterred in its efforts to steer the economy away from looming recession.

Fixed Income Investors Stay Bullish on Government Securities. In the fixed income market, sentiments were broadly bullish on Tuesday, despite persistent funding pressures in the interbank market.