Browsing: CBN

CBN Debits Banks Ahead of FX Auction for Third Time in 2020. The Central Bank of Nigeria (CBN) has debited 26 banks a total of ₦216.1 billion, attributed to the CRR (Cash Reserve Ratio) compliance requirement.

Nigeria’s Balance of Payment Plunged to Deficit in Q1. The Nigeria’s balance of payment (BoP) has slipped to $11.18 billion deficit in the first quarter of 2020 according to data released by the apex bank.

LDR, CRR: CBN Limits Banks Liquidity to Manage FX Pressure. Analysts have explained that the Central Bank of Nigeria (CBN) policies is putting banks on tight corner follow serial debits for failure to meet loans to deposits ratio target.

Access Bank to Charge Customers for Accrued Stamp Duty. Access Bank Plc said it will need its customers accumulated stamp duty on transactions value at #10,000 and above between February 1 and April 30.

‘FX Scarcity, Supply Chain Disruption Support Rising Inflation’. Analysts have explained the trend behind rising headline inflation rate to include scarcity of foreign exchange, disruption in supply chain among other reasons.

FX Market: Naira Depreciates Against Dollar at IEW. The local currency, Naira, depreciated against the United States dollar (USD) at Investors and Exporters Window (IEW) this week.

Credits to Private Sector Increase to ₦28.67 Trillion. Credits to private sector increased by 1.51% to ₦28.67 trillion in the month of April, Cowry Asset Management Limited stated in a financial market review note.

Fixed Income Market Records Mix Performance amid Rising Inflation Concern. Amidst rising inflation rate, the fixed income market recorded a mixed performance. Chapel Hill Denham said while average secondary T-bills rate remained unchanged at 3.02%, average discount rate on secondary OMO bills fell further by 5 basis points (bps) to 4.62%.

Nigeria’s Headline Inflation Rate Rises to 12.40%. The Nigerian Bureau of Statistics (NBS) recent data shows that the consumer price index (CPI) which measures inflation increased by 12.40 % year-on-year in May 2020.

2020 Budget: Debt Service Cost Includes Capital Repayment, Interest – FG. The Federal Government has said debt service provision in the 2020 budget includes capital repayment, interest obligations and other charges.