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Monetary Policy Committee

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

NSE returns to negative posture, indices down by 0.05 per cent

Trading on the Nigerian equity market returned to negative territory on Wednesday with 0.05 per cent dip or losses in MTN Nigeria and six other stocks.G
Nigeria has overtaken South Africa as the continent’s largest economy, a report by Bloomberg has shown.

Nigeria overtakes South Africa as Africa’s largest economy

Nigeria’s re-emergence as Africa’s biggest economy followed South Africa’s slump into its second recession in two years, as severe rolling power blackouts frustrate President Cyril Ramaphosa’s attempt to revive growth.
The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

IMF reduces Nigeria’s 2020 growth projection to two percent

The International Monetary Fund (IMF) has revised downward its 2020 Gross Domestic Product (GDP) forecast for Nigeria to two per cent, from the 2.5 per cent it had predicted earlier.

Central bank raises banks’ cash reserves ratio to 27.5 percent

The Monetary Policy Committee of the Central Bank of Nigeria on Friday altered the Cash Reserves Ratio from 22.5 per cent to 27.5 per cent.
Nigerian Stock Exchange NSE

NSE: Trading defies inflation figure, index up 0.90 per cent

The Nigerian Stock Exchange (NSE) All-Share Index on Friday rose by 0.90 per cent in spite of rise in inflation rate recorded in December 2019.
Dangote Group founder Aliko Dangote

Africa’s richest man to diversify investments

Top billionaires across the world diversify their investments to countries with strong and rising currencies to avoid asset erosion.
FILE PHOTO- Central Bank of Egypt's headquarters seen in downtown Cairo, Egypt, September 7, 2017. REUTERS-Mohamed Abd El Ghany

Egypt’s central bank postpones policy meeting

Egypt’s central bank said on Thurday that its monetary policy meeting on interest rates had been postponed to Jan. 16 from this week.
Andrew Bailey is likely to maintain the Bank of England’s position on interest rates of slow and incremental increases. Reuters

Andrew Bailey named as Bank of England governor

Britain’s finance minister on Friday named Andrew Bailey, the head of the Financial Conduct Authority regulator, as the new governor of the Bank of England to guide it through Brexit.

$57 budget 2020 oil benchmark unrealistic – central bank

The $57 oil benchmark adopted by the Federal Government in the 2020 budget may be unrealistic as the Central Bank of Nigeria (CBN) has called for its downward review.

MPC retains benchmark lending rate at 13.5 per cent

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 13.5 per cent.

CBN and the $2.6bn or $26bn diaspora remittances

In the World Bank’s 2018 report, titled, “Nigerians Living abroad sent $22bn home in 2017”, the Bank noted that the top recipients of the Diaspora remittances in the world were India with $69bn, Chile ($64bn), Philippines $33bn, Mexico $31bn, Nigeria $22bn and Egypt $20bn
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Nigeria’s debt hits N25.7 trillion

The nation’s total public debt rose by N3.32trn in one year to N25.7trn as at the end of June 2019, the Debt Management Office said on Tuesday.
Zimbabwe Dollar

Zimbabwe to introduce new currency in November – official

The Reserve Bank of Zimbabwe is to introduce a new currency in November, a member of the bank’s Monetary Policy Committee, said on Thursday.

Central bank mandates commercial banks to give out more loans

A new directive by the Central Bank mandates Nigerian banks to give N65 as loans for every N100 they have as deposits.

Central bank clarifies cashless policy transaction charges

The Central Bank of Nigeria says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits. The Central Bank of Nigeria says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits.

MPR retention: Experts predict increase in foreign investors’ participation

Financial experts on Monday expressed optimism that retention of the interest rate by the Monetary Policy Committee (MPC) would likely trigger foreign investors’ participation in emerging Nigerian markets.

Expert: Retention of MPR at 13.5 percent in order

Mr Tope Fasua, an economic expert, said the retention of Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) was in order.

Central bank apologises for cashless policy inconveniences

The Central Bank of Nigeria (CBN) has apologised to bank customers for the inconveniences the reintroduced cashless policy will cause.

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Kebbi state Governor, Senator Abubakar Atiku Bagudu has charged all the Civil Societies and Non- Governmental Organizations in the state to partner with state government for progress and energies youths through empowerment activities.

Kebbi shuts borders

The Kebbi State Government has directed the closure of all its borders with neighbouring states, effective from midnight, Saturday, March 28, as part of measures to curb the spread of Coronavirus (COVID-19).
Nigerian National Petroleum Corporation (NNPC)

NNPC shutdown supply over ‘pipeline leakage’

Following the pipeline leakage at Satellite Town in Lagos, the Nigerian National Petroleum Corporation, NNPC, Saturday, said it has shut down the supply and is currently evacuating petroleum product from the line.

Kaduna arrests two clerics for conducting Jumat service

Kaduna State government has arrested two clerics for conducting Friday congregational prayers in two communities of Kaduna North local government area, in violation of the curfew imposed to prevent the spread of COVID-19.
Odion Ighalo has expressed his delight after playing in his first Manchester derby at Old Trafford on Sunday, completesports.com reports.

Paul Merson: Odion Ighalo would be foolish to turn down permanent move to Manchester...

Paul Merson believes Odion Ighalo would be foolish to turn down a permanent move to Manchester United and return to parent club Shanghai Shenhua at the end of the season.
All Progressives Congress (APC) national stalwart Asiwaju Bola Ahmed Tinubu, has described as premature, talks about 2023 elections and the successor to President Muhammadu Buhari. To him, those making such calls do not love Nigeria.

Senator Omo-Agege: Asiwaju Tinubu still has a lot to offer Nigeria

Deputy Senate President, Senator Ovie Omo Agege, All Progressives Congress, APC, Delta Central yesterday said that the National Leader of APC, Asiwaju Bola Tinubu still has a lot to offer Nigeria in the area of leadership and nation-building.