CBN Circulars & Publications | |
CBN Circulars & Publications | |
4008 VIEWS | |
![]() |
Thursday,
May 16, 2019 09:54AM / By CBN
Financial market conditions were influenced largely by
global economic and political developments in 2018. On the economic front, the
interest rate hikes in the United States indicated that normalisation of
monetary policy was more rapid than initially anticipated. The impact of these
rate hikes largely weakened currency, bond and equity market of emerging
economies.
The US-China trade war, continued to exert strains on
both economic and political grounds, further increasing the uncertainties in
the global financial markets. In view of these developments, reinforced by
country-specific factors of tightening financial conditions, higher oil import
bills and geo-political tensions, global growth projection was downgraded to
3.7 per cent from an earlier projection of 3.9 per cent.
Notwithstanding the global downside risks, growth
outcomes in Nigeria, in real terms, though modest, were higher than in 2017.
The series of policy measures implemented by both the monetary and fiscal authorities
to ensure price stability and restore growth trajectories midwifed the rebound.
The Monetary Policy Rate (MPR) remained at 14.00 per
cent, with the asymmetric corridor of +200/-500 basis points, and the Cash
Reserve Requirement (CRR) at 22.50 per cent in line with the Bank’s tight
monetary policy stance. Furthermore, the Bank sustained its policies in the
foreign exchange market alongside further initiatives to boost supply in the
market and support economic activities.
This report, therefore, presents an analysis of the
developments that impacted on the financial markets during 2018 and the
measures taken by the Central Bank of Nigeria towards monetary policy
implementation for the achievement of desired objectives.
Download Here - CBN
Annual Activity Report 2018
Related News
1. CBN Announces
Creative Industry Financing Initiative
2. Manufacturing
PMI Stands at 57.7% in April 2019 From 57.4% in March 2019
3. Monetary,
Credit, Foreign Trade and Exchange Policy Guidelines For Fiscal Years 2018-2019
4. Manufacturing
PMI Stands at 57.4% in March 2019 From 57.1% in February 2019
5. CBN Grants
Operators up till April 1, 2019 to Implement The Revised NCS and NICPAS
6. CBN Releases
Initial Guidance Notes on the Implementation of IFRS 9 in the OFIs sector in
Nigeria
7. Manufacturing
PMI Stands at 57.1% in February 2019 from 58.5% in January 2019
8. A Predictive
Model for Inflation in Nigeria
9. Manufacturing
PMI Stands at 58.5% in January 2019 from 61.1% in December 2018
10. CBN Releases
Revised 2018 Exposure Draft For The “Regulation On End-To-End Electronic
Payment”
11. CBN Publishes
Banknote Fitness Guidelines
12. Manufacturing
PMI Stands at 61.1% in December 2018 from 57.9% in November 2018