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   Market Date: 17-04-2014   
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  1. MPC meeting: Key decisions and Thoughts - Cordros


    The MPC met on March 24 and 25, 2014 to consider the future path of monetary policy in an environment of increased risks and uncertainties.
  2. Central Bank retains the MPR at 12% with a corridor at +/-2%, holds CRR for Public Sector


    The Monetary Policy Committee (MPC) met on March 24 and 25, 2014 against the backdrop of challenging monetary policy environment; particularly, in the emerging markets and developing economies; coupled with the unfolding risks to stability in the domestic
  3. MPC meets on Monday, Keep your fingers crossed


    The first post-Sanusi MPC meeting will hold next week on the 24-25th of March and the markets await the outcome of the meeting with fingers crossed. The major concern for the committee remains exchange rate stability and the depleting external reserves le
  4. Is the world’s financial system safer now? – From Speech by Jon Cunliffe


    Speaking at a Chatham House conference on Monday, Jon Cunliffe, Deputy Governor, Financial Stability, surveys the progress that has been made by international standard setters since 2008 in making the financial system safer, sets out the further steps tha
  5. March 24-25th MPC Meeting has to consider depreciating the Naira, tighten CRR - BJ Rewane


    The Central Bank of Nigeria (CBN) may adopt a mixed bag of depreciation of the naira and further tightening of the Cash Reserve Requirement (CRR) on public deposits at its March 17 meeting to stabilise the monetary system, Managing Director, Financial Der
  6. Bank Of England Does Not Blink


    The Bank of England, or BoE, on Thursday decided to leave its key bank rate unchanged at 0.5 percent, and kept its asset-purchase program constant, in line with expectations.
  7. AMCON: Leading Stabilizer amongst Peer Countries. An idea of What's Next


    The Asset Management Company of Nigeria was established in 2011 as a macroeconomic stabilizing institution. This was at a time of a global economic and financial crisis, the worst since the Great Depression. In Nigeria, it was a time of a multidimensional
  8. CBN approves closure of 83 micro-finance banks


    The Central Bank of Nigeria (CBN) has approved the liquidation of 83 micro-finance banks, Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), said on Tuesday in Abuja.
  9. Sanusi’s suspension is negative for the markets, but poses no material risk to monetary policy


    The Federal Government of Nigeria (FG), through the Special Adviser to the President on media and publicity, Dr. Reuben Abati, has announced the suspension of Mallam Sanusi Lamido Sanusi, the Governor of the Central of Nigeria (CBN). Dr. Sarah Alade, bein
  10. UPDATE 5: On-going Coverage - Impact of Sanusi's Suspension on the Market


    Stock Market 10:59am: Opened flat and nose-dived, currently trading below the line by -0.64%
  11. MPC Meeting Outcomes - Liquidity Tightening: Big News, Marginal Impact


    The CBN Monetary Policy Committee (MPC) met today and decided to raise banks Cash Reserve Ratio (CRR) on public deposits to 75% from 50% previously, effective 04 February 2014.
  12. CBN Communiqué No. 93 of the Monetary Policy Committee Meeting 210114


    The Central Bank of Nigeria (CBN) today raised its cash reserve ratio (CRR) on public sector deposits to 75% from 50%.
  13. Ahead of MPC - MPR to remain at 12% but hopefully with more regulatory oversight


    The Monetary Policy Committee will be meeting on the 20th - 21st January, 2014 to deliberate and take key monetary policy decisions.
  14. Dollar moves to N178 to $1 in the Black Market – What is Happening?


    The consistent rise of FX in the Nigerian black market is not entirely strange but not expected at this time/period as the market is traditionally flooded with inflows.
  15. Gabon's 2024 Eurobond: valuations still look expensive


    Gabon to issue new Eurobond. The Gabonese Republic announced earlier this week that it would issue a new 10-y Eurobond at a minimum yield of 6.125% and partially exchange 2017 bonds for the new 2024 notes. The minimum specified amount of the new Eurobond
  16. IMPACT OF CRR HIKE ON NIGERIAN BANKS: Emergence of a new trend in Profitability index?


    When the Monetary Policy Committee met on July 22nd and 23rd 2013 to review the economic conditions and challenges that confronted the Domestic Economy in the first half of the year, particularly since the last MPC meeting in May 2013 and to determine whe
  17. FNB plans to expand into Nigeria’s Retail Banking Sector


    First National Bank (FNB), South Africa has put plans in motion to extend its operations to Nigeria and Ghana in 2014.
  18. Static MPC still has implications for markets


    At its final meeting of the year, the Monetary Policy Committee (MPC) of the CBN left key policy tools unchanged in line with our expectations. In particular, with the news of the choice given to banks on the means of AMCON bonds repayment we tilted in fa
  19. FBN, a subsidiary of FBN Holdings Plc, announces its acquisition of the W/African ops of ICB


    FIRSTBANK LTD (First Bank Commercial Banking Group or the Bank), a subsidiary of FBN Holdings Plc announces today that it has completed the acquisition of a 100% equity interest in ICB GHANA, ICB SIERRA LEONE, ICB GUINEA and ICB GAMBIA from INTERNATIO
  20. CBN Monetary Policy Committee: Beyond a pedestrian focus on personalities!


    The Monetary Policy Committee of the CBN was reconstituted following passage of the new Central Bank of Nigeria Act 2007 into law by the National Assembly. The committee is currently composed of 12 members with the CBN Governor serving as its Chairman.
  21. Union Bank of Nigeria Plc Announces CBN Approval of Compliance Plan


    Union Bank of Nigeria today reported to the Nigerian Stock Exchange that it has received from the Central Bank of Nigeria (CBN) the approval to go ahead with its plans for complying with CBN’s Regulation 3 on the Scope of Banking Activities and Ancillary
  22. Fed Proposes Stricter Liquidity Rules for Largest U.S. Banks


    The Federal Reserve moved to strengthen the ability of the largest banks to withstand periods of market stress, pushing them to hold additional levels of safe assets to fund their operations.
  23. How Profitable are Nigerian Banks?


    Financial Institutions such as banks form the core of a country’s financial system and as such healthy and profitable institutions help to build the economy, and strongly contribute to the stability and resilience of the entire financial system.
  24. Nigeria's Money Market and Monetary Policy Environment: Sept'13


    The outcomes of the monetary policy, in the first nine months of 2013, contrast with wider expectations. Despite the attendant risks that the expanding hot monies posed to policy stability in the last part of 2012, the stable foreign exchange and expectat
  25. Tier-1 Banks Not Keen in Acquiring Bridged Banks


    Indications have emerged that none of the nation's Tier 1 banks may show interest in the three banks being put for sale by the Assets Management Corporation of Nigeria (AMCON).
  26. Nigeria’s CBN Re-introduces RDAS: A Band Aid


    The central Bank of Nigeria recently suspended the Whole Sale Dutch Auction system, to be replaced with the Retail Dutch Auction System. In its circular dated September 26, the CBN also stated that the receipts of proceeds of international money trans-fer
  27. Nigerian Banks - Increasing Uncertainty Behoves Caution


    Please find below the synopsis of our sector report on Nigerian Banks (which you can download). Having distilled the impact of the new CBN cash reserve requirement, we estimate total FY13 after tax earnings erosion of N39billion across our 12 coverage ba
  28. MPC Maintains Status Quo, Analysts weigh in on Implications


    In line with market expectations, the monetary policy committee (MPC) voted 11:1 to maintain the current monetary policy stance at its meeting today.
  29. CBN Communiqué No. 91 of the MPC Meeting of Monday and Tuesday, Sept 23 and 24, 2013


    The Monetary Policy Committee met on September 23 and 24, 2013, with all of the 12 members in attendance. The Committee reviewed the economic conditions and challenges that confronted the domestic economy up to September, particularly since the last MPC m
  30. Pre-MPC Meeting - The MPC should choose to save the financial system


    The 50% cash reserve ratio (CRR) on public sector deposits, among other developments in the global and domestic financial systems, might have contributed to a massive liquidity squeeze in the interbank market.
  31. Wema Bank Plc refutes AMCON Take-over News


    Our attention has been drawn to a spurious publication in The Nation Newspaper of Wednesday, September 4, 2013 with the title, SEC set to okay AMCON's takeover of Wema Bank. The publication is also fraught with irregularities and misrepresentation of fa
  32. Banking Sector Update: Policy shift crystallizes regulatory risk


    At its 22-23 July 2013 meeting, the MPC resorted to hiking the Cash Reserve Ratio (CRR) on public sector deposits to 50% while leaving other monetary policy tools unchanged. The committee’s focus on the banking sector stemmed from concerns about the “the
  33. AFRINVEST scores CBN high for financial stability


    Five (5) years after the post-banking crisis in Nigeria that witnessed low confidence in the financial market, the story of how it has recovered from the hurt shows a positive sign that there is prospect for a sustainable growth.
  34. Afrinvest Special Report on Nigerian Banking Sector – July 2013


    We provide herewith an executive summary of the Afrinvest special report on the 2013 Nigerian Banking Sector Report. Needless to say, it summarizes in a rather unique way, a rating of the reform process for the first time, without losing sight of the most
  35. Electronic Payments and Economic Growth in Nigeria


    Nigeria is a large and growing country-2011 population of over 164million and population growth rate of 3.2%. Real GDP has grown at between 6-7% since 2007, with nominal and PPP GDP at $242bn and over $400bn respectively (CBN Annual Report, 2011). In 2012
  36. Mainstreet returns N23bn PAT, confident of prospects and peer positioning


    As Mainstreet Bank prepares for an AMCON disinvestment of its significant shares, the bank over the weekend announced a return to profitability of approx. N23billion off the back of a N48 billion group earnings. Recall that AMCON injected N 318 billion to
  37. Protecting the $Dollar against the Naira with CBN Reserves


    In the light of popular perception regarding the virtue of large reserves, it may seem incredible for anyone to suggest that the process of accumulating reserves by the Central Bank of Nigeria is actually the primary reason for a low value of the naira!
  38. Nigeria: IMF Technical Note on Stress Testing of Nigerian Banks


    This technical note on Stress Testing for Nigeria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it wa
  39. Will the MPR remain at 12%? …the need to keep yields attractive


    In line with expectations, the CBN, monetary policy committee retained the MPR at 12% following the deliberations of the May 20th/21st meeting. Beyond the emphasis on consistent price stability, the committee further highlighted other issues which they c
  40. MPC Now Predictable


    Once again, the Monetary Policy Committee (MPC) left the benchmark interest rate unchanged at 12%p.a. All other instruments for complementing monetary policy were untouched. A decline in GDP Growth Rate was not enough to move the votes in favour of MPR re


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