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   Market Date: 26-11-2014   
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Money Market

  1. The MPC finally shows some balls, but yet the real work remains

    The CBN in a show of independence, has finally taken the bull by the horn on its monetary policy stance. The 8.4% devaluation of the midpoint official exchange rate has effectively moved the exchange rate band to N159.6 - N176.4. This move follows a series of intervention measures already implemented by the CBN, one of which is the transfer of approximately 50% of forex transactions to the interbank market.
  2. MPC capitulates on Naira Peg

    At the end of its two day monetary policy committee meeting, the CBN abandoned its previous USDNGN peg and signalled commencement of fresh round of tightening.
  3. Nigeria devalues Naira - A belated action

    Nigeria's central bank devalued the naira by 8% and raised interest rates sharply yesterday in an attempt to curb fiscal bleeding due to the dropping oil prices. The bank moved the naira's target band to 160-176 to the U.S. dollar, compared with 150-160 naira previously, while it also simultaneously increased interest rates by a substantial 100 bps to 13% - the first interest rate hike in over two years.
  4. Watch out for CRR changes from the MPC - #NigeriaDecides

    The monetary policy committee (MPC) meets today and tomorrow in Abuja. Given market turmoil, the depletion of official reserves (by US$1.5bn month-to-date) and the surge of the US dollar globally, the committee does not have the option of leaving its stance unchanged.
  5. President Jonathan to meet with Investment Advisers in London

    President Goodlcuk Ebele Jonathan will travel to London tomorrow evening to preside over a meeting of Nigeria’s Honorary International Investment Council (HIIC) which opens in the British capital on Friday.
  6. Skye Bank – The Math Adds Up, Acquisition Payment Done

    Following a competitive bidding process involving about thirty organizations (including bidders from both within and outside the financial services industry) which commenced from May 2014, Skye Bank Plc (the Bank) was announced as the Preferred Bidder for the acquisition of the Asset Management Corporation of Nigeria (AMCON) 100% shareholding in Mainstreet Bank Limited (�MBL�), on Saturday, October 4, 2014.
  7. Reworking the Acquisition Maths of Mainstreet Bank by Skye Bank Plc

    This morning, the market received information of a Central Bank of Nigeria (CBN) circular limiting the amount of FX borrowings a Nigerian bank can take relative to its Tier 1 capital.
  8. CBN Reduces maximum limit of FX borrowing to 75% of Capital

    The Central Bank of Nigeria has noted with concern the growth in foreign currency borrowings of banks through foreign lines of credit and issuance of foreign currency denominated bonds (Eurobonds).
  9. The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case

    The buzz on Customs Street now is about the conundrum Skye Bank Plc’s successful bid represents. Investigations now debunk some long-held assumptions about what a successful bid represents and how PLC’s seeking to make such regulated entities should conduct business. Much more importantly are the unanswered questions from a governance and regulatory standpoint.
  10. A Hardening of Stance in the MPC

    Our take on the latest personal statements of members of the monetary policy committee (MPC) is that their position has hardened. There is not one suggestion that easing is an option, and the focus has moved to when (not whether) to tighten.
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