Browsing: The Central Bank of Nigeria
PMA: Lack of Alternative Investments to Keep Participation Strong. Shortage of alternative investments is expected to keep investors participation in the Nigeria’s central bank primary market auction (PMA) strong today, analysts have noted.
US immigration restraints on Nigerians to raise FX risk, limit remittances
External reserves fell $57.6 million in January, edge toward resistance level. Weak inflow, high usage of dollar inflow into the nation’s external reserve has reduced the external buffer for defending the Nigeria’s local currency, naira.
2019 Budget implementation: CBN raises ₦8.5 trillion overdraft for FG.
CBN hawkish bias to inverse yields, fragment N900bn from Banks Vaults. Experts have said that the apex bank hawkish bias on cash reserve ratio (CRR) requirement would reverse negative yields, though about N900 billion would be quarantine from Banks vaults.
MPC raises Cash Reserve Ratio by 500 basis points. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Cash Reserve Ratio by 500 basis points to 27.5%.
Foreign Exchange: CBN’s intervention keeps Naira stable. The Nigeria’s local currency, Naira, having being on live support for over two years when the Central Bank of Nigeria (www.cbn.gov.ng) introduced multi tiered exchange regime.
On the back of the drive to support the real sector of the economy, analysts have projected that the Central Bank of Nigeria (CBN) www.cbn.gov.ng will again raise loan to deposit ratio to 70 per cent in 2020.
CBN reduces transactions charges to deepen financial inclusion. The apex bank is set to drive financial inclusion with low financial services charges offering by banks and non-banking operators.
The Central Bank of Nigeria https://www.cbn.gov.ng/ has directed deposit money banks (DMBs) to reduce automatic teller machine (ATM) charges to N35 from N65 effectively from January, 2020.