NESG v CBN: Inside The Policy Room


Wednesday, October 07, 2020   /05:00 AM / by Proshare Research / Header Image Credit: EcoGraphics

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NESG/CBN and Environmental Scanning

The NESG's concerns about the direction of the Nigerian economy is not without merit. With the presence of external shocks that the government has no control over, local economists have naturally searched for policy tool remedies, and as things stand few if any has been found. The simultaneous rise in the inflation rate (13.2% in August 2020) and unemployment (27.1% in Q2 2020) on the back of renewed COVID-19 fears, may lead to ineffective monetary policy.  The CBN recently cut the monetary policy rate (MPR) by 100 basis points from the previous 12.5% between May and August 2020 to 11.5% in September, this was after an earlier rate cut in May from 13.5% to 12.5%. The earlier May rate drop was inadequate in gingering the desired pace of growth.


The recent CBN rate cut is expected to head off a deeper recession which saw GDP contract by -6.10 in Q2 2020 and is expected to stretch into Q1 2021. GDP contraction in Q3 2020 is projected to be in the region of -3.5%. The prospective improvement in GDP growth as of September 2020 may be attributable to a gradual reopening of the economy in August.


COVID-19 has created black and grey swan situations that have unhinged fragile socioeconomic balance. The shutdown of companies and the reduction in salaries have cut back consumer spending and retail sales. The broader impact is likely to mean a reduction in gross domestic product (GDP) growth. The virus is also likely to disrupt transfers such as foreign remittances which are likely to slip from about N22bn in 2019 to a projected N18bn to N20bn in 2020. The fall reflects the impact of COVID-19 on disruptions to economic life in Europe, America and Asia were several Nigerians work and live (see illustration 4).


Illustration 4:  Short-Run COVID-19 Pains

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Two areas that have witnessed severe effects of the ongoing health pandemic have been hospitality and education. The hospitality sector has seen occupancy rates collapse and the government's earlier lockdown and gradual reopening of the economy have led to low patronage of hotel services. Some hotels have shown creativity by turning some of their exclusive in-house services into retail services for top-end customers, some of the services include; food services, laundry services, and small meeting room facilities. Nevertheless, generally, the hotel business has lost large sums of money in 2020 regardless of their ratings. Going forward the hospitality industry particularly hotel services would need to adopt a more dynamic business paradigm that prepares for the next pandemic and allows services to be rendered in such a way that it would involve minimal disruption to the business.


The model would review staff contracts to accommodate adjustments necessary for low revenue thresholds caused by issues outside the control of the management. The paradigm would equally adjust breakeven margins on services taking into account shortfalls in service numbers, this would require reviewing supply chain agreements and building some backward integration into supply chain such as food.


In the education sector, remote classes need to be built into the educational structure such that remote learning becomes a subculture to be comingled with face-to-face interactions. For example, some days could be designated for one-on-one physical interaction in schools while other days would involve remote engagement in classes. Telcos would need to buy into the framework and reduce the cost of data for educational instruction. Parents could be allowed to buy gigabytes of data specially allocated to educational learning and associated with pre-registered sites for academic information such as schools and ancillary web locations.


At the level of tertiary education sites such as Coursera, Edex, Udemy and National Open University (NOUN) can be used as templates for online education where lectures, assignments, and discussions can be held over secured bespoke digital channels for each institution. Telcos would again have to be consulted to bring down their cost of educational data for this to work. The reduction in transportation and non-transportation costs for students can be directed to the payment for online data access. The framework would be a win-win for Telcos, schools, lecturers, and students.  


The COVID-19 pandemic resets social interaction and will require a rethinking of the management of large gatherings in schools, hospitals, hotels, and workplaces. The old ways have passed on to give room to a new order that some refer to as the new normal.

What has become clear in recent months is that old rules cannot be used to solve new challenges.

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Death of a Trilemma

The NESG and Central bank have squabbled over economic policy issues that do not provide practical tools for policy implementation. The two institutions still think within the old context of a policy trilemma. This means that only two macroeconomic objectives can be satisfied at any given time. For example, if the CBN wants to improve the exchange rate, a way to go about this is to raise interest rates and encourage capital inflows which would also reduce inflation. The problem here would be that as inflation declines GDP would stall and unemployment rises. Another policy would be to reduce interest rates which would lead to a rise in GDP and a rise in inflation rate but would cause a fall in the external value of the naira.


This thinking has been one of the central themes of the conflict between the NESG and the CBN on macroeconomic policy. While the CBN sees monetary accommodation and the tinkering with interest and exchange rates as a means of forestalling a slow down in economic activity in a time of a COVID-19 pandemic the NESG sees a different picture and argues that the CBN's exchange rate policies distort market efficiency and creates room for financial arbitrage.


The NESG argued that the CBN's intervention framework was devoid of proper structure and governance but the CBN argued that this was incorrect. The tussle muddied waters that should have been made clearer.

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The Challenges

While the issues raised by the NESG and responded to by the CBN had some merit it weakened consideration of more important issues that include:

  • The phantom policy Trilemma. Contrary to the trilemma arguments that underly the disagreements between the NESG and the CBN. The dilemma does not exist as a result of structural economic challenges that break the traditional transmission mechanism of the money supply. The rising exchange rate should translate to a rising domestic inflation rate and a rise in interest rates. This is not the Nigerian reality. A cut in domestic interest rates does not lead to an expansion of credit and growth in GDP. The CBN has said that the cut in interest rates has had expansionary benefits for the economy but the more accurate position is that the loan to deposit ratio (LDR) increase from 60% in September 2019 to 65% by December of the same year led to the observed expansion in domestic credit (this was from an LDR of 55% earlier in the year).

However, the jury is still out on the consequences of the rapid credit expansion as banking analysts foresee a rise in non-performing loans (NPLs) at the end of 2020 as banks find themselves compelled to lend to lower quality credit candidates thereby worsening their asset quality. This should have been a major concern of both NESG and the CBN as a fall in interest rates (a reduction in intervention fund rates from 9% to 5% for one year and a decline in MPR) may not necessarily lead to growth in production output as constrained consumption caused by job losses, salary cuts, and lower corporate earnings hurt GDP growth rate. 

Furthermore, there is no direct transmission mechanism between the domestic exchange rate and local interest rates which means that if interest rates rise or fall there is no involvement in exchange rate movement which would have affected domestic inflation. The absence of free-market stability in the Nigerian economy suggests that conventional economic wisdom is a dud (see illustration 5).

Illustration 5:  Understanding The Phantom Trilemma

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  • Another problem with the NESG and CBN disagreement is that the heat of conflict has dimmed the light of the conversation. Both institutions have ignored some of the most crucial issues affecting the economy such as foreign trade balance, tariffs, and taxes. These crucial matters inevitably shape the country's competitiveness in a COVID-19 environment especially on the back of the Africa Continental Free Trade Agreement (AfCFTA) that went into effect in May 2019.

The economy has stalled as a result of choking tariffs that have laid into corporate earnings with a sledgehammer. The consequences of a high excise duty regime turn up in the depressed corporate performance of prime corporate enterprises such as the Nigerian Breweries (NB Plc) which has seen its after-tax earnings dip from N13.32bn in June 2019 to N5.59bn in June 2020 representing a fall of -58.03% year-on-year (Y-o-Y).  This contrasts with the slump in topline earnings from N170.19bn in June 2019 to N151.81bn in June 2020 or a slide of -10.80% Y-o-Y (see table 1).

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Table 1: Nigerian Breweries Plc's Burden of Taxation

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Visit Nigerian Breweries Plc IR Page in Proshare MARKETS

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Admittedly the company may have been equally affected by rising sales, general and administrative expenses (SG&A) caused by COVID-19-related factors but excise taxes have taken a shark-bite out of the company's revenue with excise tax estimated at 7.5% of the company's gross sales income. The government placed a 30kobo excise duty on a centilitre of beer in 2018 and increased the duty to 35kobo per centilitre of beer in both 2019 and 2020.

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The Power of Non-State Actors

Non-state actors hold the nation by the jugular but both private sector and government institutions have conveniently turned a blind eye to high informal taxes paid by businesses in Nigeria's informal sector that is home to over 40.5m micro, small and medium-sized companies (MSMEs) in the economy who contribute 48% of GDP, 96% of businesses and 84% of employment.


The transportation sector (through transport unions), local markets (through market leaders), and roadblocks (through security agencies) serve as multiple tax platforms for informal businesses whose tax rates through non-state actors exceed 50%. The usual government argument that at 7.5% Nigeria has one of the lowest tax rates on the planets is misleading as it conveniently gives short-shrift to charges, levies, and fees imposed across domestic SME value chains.  


Across the country transport unions collect daily monies such as 'load', 'parking', and 'special levy'. These daily taxes go to non-state actors and serve as a sizable part of the domestic revenue leakage for states, the same runs true for local markets and highways where security agents collect 'title' (a levy) for every commercial vehicle that is stopped at checkpoints. The impact of these levies and charges is an increase in the cost of domestic goods and services and the creation of a high incidence of domestic taxes most of which fall on the poor and vulnerable in both urban and rural communities.


Revisiting the roles of non-state actors and limiting their remit to a check-off system of revenue collection from their members remain global best practices. The current system stabs a finger in the eye of proper fiscal policy, business process, corporate accountability, and governance/ethics (non-state actors who collect revenues from their members rarely if ever pay taxes or keep audited records of the application of collected funds), and misrepresents the flow and size of domestic value through taxes in the economy (see illustration 6). 


Illustration 6: Non-state Actors and The New Fiscal Arithmetic

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Foreign Remittances, Pulling In the Mullah

Countries like India and China have turned foreign remittances into an engine of growth of sorts, with both countries strategically exporting high-quality manpower and benefitting from the massive remittance flows from the reverse cash inflows. This has been a brilliant strategy for improving labour quality and strengthening foreign exchange inflows for the emerging Asian giants.


According to a leading Nigerian economist, Dr. Ayo Teriba, "Leading emerging markets have recognized the role of the Diaspora as catalysts of financial globalization, with governments issuing diaspora bonds to attract record levels of private-to-government remittances from non-resident citizens. Nigeria has been left out of this wave as remittances have remained a private-to-private affair. China and India each attracted only US$ 7 billion more than Nigeria in 2006, but each now attracts US$50 billion more than Nigeria."


"The Nigerian Government seemingly heeded calls to join this race by issuing its first-ever diaspora bonds in early 2018. But it issued a paltry US$300 million, in a country that has recorded US$20 billion private-to-private remittances annually for the past decade."


Chart 17:  Eyeing The Global Foreign Remittance Foot Chase

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Source: UNCTAD's World Investment Report 2019

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Downloadable Versions of NESG v CBN Report (PDF)

  1. Full ReportNESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution - Oct 04, 2020

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Related News post on NESG v CBN: Beyond the Battleground Report

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26. CBN Issues Guideline on Nigerian Payments System Risk and Information Security Management Framework - Mar 04, 2020

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28. CBN Issues Circular on Pre-Authorisation of Cards in Nigeria - Dec 30, 2019

29. CBN Issues Consumer Protection Regulations - Dec 23, 2019

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36. CBN Issues Circular on The Reg. For The Operation of Indirect Participants In The Payment System - Oct 11, 2019

37. CBN Reviews LDR Target Upwards To 65%; DMBs Required To Attain LDR of 65% By Dec 31, 2019 - Oct 01, 2019

38. CBN Directs Banks To Report Suspicious Transactions Based On UN Security Council Resolutions - Sep 30, 2019

39. CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019

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107.        CBN Suspends Extension of Settlement Banking Arrangement to All the Clearing Sessions - Dec 22, 2017

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109.        CBN Extends Settlement Banking Arrangement to All Clearing Sessions Effective January 1, 2018 - Nov 10, 2017

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111.          CBN Unveils Framework For BVN, Watch-List Operations - Oct 23, 2017

112.         Implementation of Electronic Certificate of Capital Importation - Sep 08, 2017

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114.         CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks - Aug 24, 2017

115.         CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS) - Aug 21, 2017

116.         CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017 - Aug 07, 2017

117.         CBN Announces the Introduction of the Nigeria Customs Service Electronic Auction (eAUCTION) Platform - Jul 25, 2017

118.         CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes - Jul 25, 2017

119.         CBN Directs OFIs to Enroll Customers for BVN - Apr 25, 2017

120.        CBN Suspends the Implementation of Interchange Regime Indefinitely - Apr 21, 2017

121.         CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines - Feb 02, 2017

122.        CBN Enhances Minimum Qualifications for Banks CCOs to Ensure Compliance - Sep 30, 2016

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124.        CBN Reviews Operational Guidelines for Blacklisting - Jul 13, 2016

125.        CBN Publishes Exposure Draft Guidelines on Regulations & Supervision of Non-Interest MFBs in Nigeria - May 12, 2016

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129.        CBN Publishes Reports of Activities under the Agricultural Credit Guarantee Scheme - Mar 10, 2016

130.        CBN Publishes Revised Guidelines on Real Sector Support Facility - Mar 10, 2016

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133.        CBN Extends BVN Enrolment for Nigerian Banks' Customers in Diaspora to 30th June, 2016 - Feb 05, 2016

134.        CBN Publishes Guidelines for Banking Operations in the Free Trade Zones in Nigeria - Feb 02, 2016

135.        CBN Invites Financial Institutions to Make Payment of Annual Licence Renewal Fee through e-Channels - Jan 04, 2016

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137.         CBN Issues Guidelines on International Mobile Money Remittance Service in Nigeria - Nov 20, 2015

138.        CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Nov 19, 2015

139.        CBN Extends BVN Enrolment to 31st January 2016 for Nigerian Bank Customers in Diaspora - Nov 03, 2015

140.        CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015

141.         CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - Oct 22, 2015

142.        CBN Issues Guidelines on the Management of Dormant Accounts & Other Unclaimed Funds by Banks & OFIs - Oct 09, 2015

143.        CBN Releases Exposure Draft on Consumer Protection Framework - Sep 18, 2015

144.        CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form - Sep 15, 2015

145.        CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria - Sep 15, 2015

146.        CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria - Sep 15, 2015

147.         CBN Directs Development Finance Institutions to Obtain Licence - Sep 08, 2015

148.        CBN Directs Banks to Remit FG's Funds into the Treasury Single Account - Sep 08, 2015

149.        CBN Finalises Guidelines for the Enrolment of Nigerian Bank's Customer in Diaspora - Aug 19, 2015

150.        CBN Directs All Licensed BDCs to Consummate Transactions with Customers' BVN Effective 1st August - Jul 21, 2015

151.         CBN Warns Authorized Dealers Against Funding Items Classified as "Not Valid for Forex" - Jul 01, 2015

152.        CBN Extends BVN Enrollment Deadline to 31st October, 2015 - Jun 30, 2015

153.        CBN Directs DMBs to Establish Industry Fraud Desks - Jun 12, 2015

154.        CBN to Review the Nigerian Cheque Standards - May 04, 2015

155.         CBN Moves to Check Rising Non-performing Loans in Banks - Apr 24, 2015

156.        CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015

157.         CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015

158.        CBN Limits Naira Card Usage on Overseas Transactions to $50,000 - Apr 14, 2015

159.        CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - Apr 09, 2015

160.        CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015

161.         CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015

162.        CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015

163.        CBN Releases Regulatory Framework for Mobile Money Services - Apr 02, 2015

164.        CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015

165.        CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015

166.        CBN Directs Banks to Commence FG's Treasury Single Account Scheme - Feb 26, 2015

167.         CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015

168.        CBN Sets Guidelines for Advisory Council on Non-Interest Financial Institutions - Feb 20, 2015

169.        CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015

170.        CBN Releases Exposure Draft for Dormant Accounts Management by Banks - Feb 18, 2015

171.         CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015

172.         CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015

173.         CBN Sets Guidelines for Banking Operations in Free Trade Zones in Nigeria - Feb 11, 2015

174.         CBN Offers Special Intervention to BDC Operators - Feb 03, 2015

175.         CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015

176.         CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments- Jan 30, 2015

177.         CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015

178.        CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015

179.         CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015

180.        CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014

181.         CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014

182.        CBN Reduces Foreign Exchange Trading Position of Authorized Dealers to Zero Percent - Dec 18, 2014

183.        CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014

184.        CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - Nov 21, 2014

185.        CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - Nov 20, 2014

186.        CBN Kicks-off the Development of Consumer Protection Framework for Financial Institutions - Oct 22, 2014

187.        CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014

188.        CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014

189.        CBN Releases Collateral Registry Regulation - Sep 30, 2014

190.        CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014

191.         CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014

192.        CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014

193.        CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014

194.        CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014

195.        CBN to launch Outbound Money Transfer Service with Western Union Money Transfer - Aug 14, 2014

196.        CBN Reviews Electronic Payment Operations via NIBSS Instant Payment System - Aug 14, 2014

197.         CBN Re-introduces ATM Cash Withdrawal Transactions Fee; Effective September 1, 2014 - Aug 14, 2014

198.        CBN Excludes Non-Distributable Regulatory Reserve in the Computation of Capital of Banks - Aug 07, 2014

199.        CBN Issues Draft Regulatory and Supervision Guidelines for Development Finance Institutions - Aug 05, 2014

200.       CBN Releases Exposure Draft for Recommendation of Time Bar on Consumer Complaints - Jul 25, 2014

201.        CBN Extends Timeline for the Resolution of Complaints on Excess Charges and Loans to 30 Days  -03, 2014

202.       CBN Prohibits Loan Defaulters from Further Access to Credit Facilities in the Banking System - Jul 02, 2014

203.       CBN rolls out Cash-Less Policy on July 1, 2014, postpones withdrawal charges in 30 States - Jun 24, 2015

204.       CBN Orders Banks to Refund Monies to Customers Shortchanged By ATMs - Jun 16, 2014

205.       CBN Orders Banks to Refund Excess Commission on Turnover - Jun 13, 2014

206.       CBN Maintains Highest Level in Information Security Standard (ISO27001) Compliance - Jun 12, 2014

207.       CBN Extends Cashless Policy to 30 Remaining States; Kicks Off July 1st - Jun 05, 2014


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Proshare's Memo to The Market and Market Updates

  1. NSE Ten Years After a Takeover: The Good, The Bad and Undecided - Sep 16, 2020
  2. Online Trading Ranking Report 2020 - Trading in a Period of a Virus; Building Good Habits - Sep 02, 2020
  3. Otudeko: A Boardroom Revolutionary at 77 - Aug 18, 2020
  4. Roads: Concrete Vision, Asphalt Competition, Looking Ahead - Aug 01, 2020
  5. CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - Jul 30, 2020
  6. Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt - Jul 23, 2020
  7. Coronanomics (1) - Understanding the Realities of an Impending Recession - Jun 06, 2020
  8. Nigeria Cement Market's New Chess Play; Understanding The Market Dynamics - Jan 31, 2020
  9. NCM2020 - Fin. MKT in Transition: Understanding Past Uncertainties; Preparing for New Possibilities - Jan 20, 2020
  10. UBA's Staff Layoff; Understanding The Shifting Dynamics Of Banking's Future - Jan 20, 2020
  11. Ogun State: Working Past Economic Headwinds - Nov 04, 2019
  12. Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty - Sep 22, 2019
  13. Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Jul 31, 2019
  14. CEO Remuneration: Making Sense Of The Numbers For Listed Companies In Nigeria - Jul 12, 2019
  15. Beyond The Noise: MTN's Post Listing Reactions, Gaps in Rules and Lessons Learnt - May 26, 2019
  16. JUMIAs IPO and Q1 2019 Result; Understanding The Numbers and Ignoring the Noise - May 16, 2019
  17. Ogun State: The Debt Trap- Leaning Against the Wind - April 2019
  18. The National Association of Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019
  19. Surviving Uncertain Times in the Nigerian Financial Market - Jan 19, 2019
  20. Unravelling The Ecobank Q3 2018 Results; Applying NAFEX, Different Outcomes Oct 26, 2018
  21. Compliance With IFRS IAS21 - ETI and The Effects of Changes in Foreign Exchange Rates - Oct 25, 2018
  22. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018
  23. Swift Correction Of Honest Mistakes Helps Build Institutional      Corporate Governance - Sep 05, 2018
  24. Memo To The Market - The NSE, Oscar Onyema Foundation And Corporate Governance - Aug 20, 2018
  25. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018
  26. Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017
  27. Leadership, Change and Corporate Transformation - The Nigerian Experience ... - Proshare Nov 07, 2017  
  28. Analysing the H1 2017 Performance of FBNHoldings Plc - A Comprehensive Report - Oct 20, 2017
  29. FBNHoldings Plc Q1' 2017 Performance Assessment Report Updated - Sep 25, 2017
  30. Years After - 5 years of Dr. Yemi Kale's Stewardship at the NBS - Aug 24, 2016
  31. Memo to the Market: Reappointing Arunma Oteh as DG, SECJan 03, 2015
  32. Where Nigeria got it Wrong - Proshare Dec 01, 2014
  33. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010
  34. The Bull in the China Shop - A New Paradigm in the Nigerian Financial Markets? - Aug 21, 2009
  35. Making Money in The Nigerian Capital Market Report - Apr 25, 2009

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Related News - CBN Communique

  1. CBN Communique No. 132 of the MPC Meeting - Sep 21-22, 2020
  2. CBN Communique No. 131 of the MPC Meeting - July 20, 2020
  3. CBN Communique No. 130 of the MPC Meeting - May 28, 2020
  4. CBN Communique No. 129 of the MPC Meeting - Mar 23-24, 2020
  5. CBN Communique No. 128 of the MPC Meeting - Jan 23-24, 2020
  6. CBN Communique No. 127 of the MPC Meeting - Nov 25 - 26, 2019
  7. CBN Communique No. 126 of the MPC Meeting - Sept 19-20, 2019
  8. CBN Communique No. 125 of the MPC Meeting - July 22-23, 2019
  9. CBN Communique No. 124 of the MPC Meeting - May 20-21, 2019
  10. CBN Communique No. 123 of the MPC Meeting - Mar 25-26, 2019
  11. CBN Communique No. 122 of the MPC Meeting - Jan 21-22, 2019
  12. CBN Communique No. 121 of the MPC Meeting - Nov 21-22, 2018
  13. CBN Communique No. 120 of the MPC Meeting - Sep 24-25, 2018
  14. CBN Communique No. 119 of the MPC Meeting - July 23-24, 2018
  15. CBN Communique No. 118 of the MPC Meeting - May 21-22, 2018
  16. CBN Communique No. 117 of the MPC Meeting - Apr 03-04, 2018
  17. CBN Communique No. 116 of the MPC Meeting - Nov 20-21, 2017 
  18. CBN Communique No. 115 of the MPC Meeting - Sep 25-26, 2017
  19. CBN Communique No. 114 of the MPC Meeting - July 24-25, 2017
  20. CBN Communique No. 113 of the MPC Meeting - May 22-23, 2017
  21. CBN Communique No. 112 of the MPC Meeting - Mar 20-21, 2017
  22. CBN Communique No. 111 of the MPC Meeting - Jan 23-24, 2017
  23. CBN Communique No. 110 of the MPC Meeting - Nov 21-22, 2016
  24. CBN Communique No. 109 of the MPC Meeting - Sep 19-20, 2016
  25.  CBN Communique No. 108 of the MPC Meeting - July 25-26, 2016
  26. CBN Communique No. 107 of the MPC Meeting - May 23-24, 2016
  27. CBN Communique No. 106 of the MPC Meeting - Mar 21-22, 2016
  28. CBN Communique No. 105 of the MPC Meeting - Jan 25-26, 2016
  29. CBN Communique No. 104 of the MPC Meeting - Nov 23-24, 2015
  30. CBN Communique No. 103 of the MPC Meeting - Sep 21-22, 2015
  31.  CBN Communique No. 102: MPC Meeting of July 23 and 24, 2015
  32. CBN Communique No. 101 of the MPC Meeting - May 18-19, 2015
  33. CBN Communique No. 100 of the MPC Meeting - Mar 23-24, 2015
  34. CBN Communique No. 99 of the MPC Meeting - Jan 19-20, 2015
  35. CBN Communique No. 98 of the MPC Meeting, Nov 24-25, 2014
  36. CBN Communique No. 97 of the MPC Meeting, Sept 18-19, 2014
  37. CBN Communique No. 96 of the MPC Meeting, July 21-22, 2014
  38. CBN Communique No. 95 of the MPC Meeting, May 19-20, 2014
  39. CBN Communique No. 94 of the MPC Meeting, Mar 24-25, 2014
  40. CBN Communique No. 93 of the MPC Meeting - Jan 21 2014

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Related News - Personal Statements by MPC Members

  1. Personal Statements By The MPC Members At The 131 MPC Meeting of July 20, 2020
  2. Personal Statements By The MPC Members At The 130 MPC Meeting of May 28, 2020
  3. Personal Statements By The MPC Members At The 129 MPC Meeting of Mar 23-24, 2020
  4. Personal Statements By The MPC Members At The 128 MPC Meeting of Jan 23-24, 2020
  5. Personal Statements By The MPC Members At The 127 MPC Meeting Of Nov 25-26, 2019
  6. Personal Statements By The MPC Members At The 125 MPC Meeting Of July 22-23, 2019
  7. Personal Statements By The MPC Members At The 124 MPC Meeting of May 20-21, 2019
  8. Personal Statement By The MPC Members At The 123 MPC Meeting of Mar 25-26, 2019
  9. Personal Statements By The MPC Members At The 122 MPC Meeting Of Jan 21-22, 2019
  10. Personal Statements By MPC Members At The 121 MPC Meeting of Nov 21-22, 2018
  11. Personal Statements By The MPC Members at The 120 MPC Meeting of Sep 24-25, 2018
  12. Personal Statements by the MPC Members at the 119 MPC Meeting of July 23-24, 2018
  13. Personal Statements by the MPC Members at the 118 MPC Meeting of May 21-22, 2018
  14. Personal Statements by the MPC Members at the 117 MPC Meeting of Apr 03-04, 2018
  15. Personal Statement by the MPC Members at the 116 MPC Meeting of Nov 20-21, 2017
  16. Personal Statement by the MPC Members at the 115 MPC Meeting of Sep 25-26, 2017
  17. Personal Statement by the MPC Members at the 114 MPC Meeting of July 24-25, 2017
  18. Personal Statement by the MPC Members at the 113 MPC Meeting of May 22-23, 2017
  19. Personal Statements by the MPC Members at the 112 MPC Meeting of Mar 20-21,2017
  20. Personal      Statements by the MPC Members at the 110 MPC Meeting of Nov 21-22 2016
  21. Personal Statements by the MPC Members at the 109 MPC Meeting of Sep 19-20 2016
  22. Personal Statements by Members at the 108 MPC Meeting of July 25 and 26 2016
  23. Personal Statement of Members at the 107 MPC Meeting of May 23-24, 2016
  24. Personal Statements by Members at the 106 MPC Meeting of March 21-22, 2016
  25. Personal Statements of Members at the 105 MPC Meeting of Jan. 25-26, 2016
  26. Personal Statements of Members at the 101 MPC Meeting of May 18-19, 2015

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Related News On Speech Made By the CBN Governor

  1. Emefiele, Olugbemi, Akinwuntan Insist Banks Must Play a Critical Role to Restore Stability - Sep 16, 2020
  2. Post-COVID-19 Economy: Emefiele Woos Conglomerates - May 19, 2020
  3. Forex Repatriation: Emefiele Assures Investors of Investments Security - May 10, 2020
  4. Emefiele Restates Call for Self-Sufficiency; CBN to Partner FCTA to Boost Dairy Industry in FCT - Feb 17, 2020
  5. Emefiele Lists Priorities for 2020 - Nov 30, 2019
  6. Emefiele Urges Private Sector Players to Float Infrastructure Bond - Nov 25, 2019
  7. CBN Governor's Speech At The Meeting With State Governors of Cassava Producing States - Nov 25, 2019
  8. USSD Charges: Emefiele Advises Banks To Engage Telcos Who Can Provide Service At Low Cost - Oct 21, 2019
  9. Godwin Emefiele Unveils The 5-Year Policy Thrust of Nigeria's Central Bank 2019 - 2024 - Jun 24, 2019
  10. Remarks By Godwin Emefiele, CBN Governor At a Stakeholders Meeting on The Palm Oil Value Chain - Mar 18, 2019
  11. Gov. Emefiele Outlines Policy Thrust for 2019; Woos Foreign Investors - Dec 14, 2018
  12. Emefiele Woos Private Sector on Job, Wealth Creation - Dec 06, 2017
  13. Emefiele tasks graduates on job creation; Woos Nigerian youth to embrace CBN initiatives - Dec 02, 2017
  14. Emefiele Lists Gains of FX Restriction on 41 Items; Outlines Projections for 2018 - Nov 12, 2017
  15. CBN Governor Reassures Foreign Investors That Nigeria is Open for Business
  16. Emefiele woos investors to Nigeria, Bags Forbes Award - Oct 16, 2017
  17. Emefiele Tasks Varsities on Research; Lists Policy Options for Economic Growth - Jul 28, 2017
  18. Why We Created The Anchor Borrowers' Programme - Emefiele - Jan 06, 2017
  19. Emefiele's prognosis on the Nigerian Economy and Policy options - Nov 21, 2016
  20. We'll Continue to Meet Matured Financial Obligations - Gov. Emefiele - Feb 12, 2016
  21. Emefiele Calls for Sustained Commitment to Objectives of the National Financial Inclusion Strategy - Feb 10, 2016
  22. Emefiele Addresses Constraints to SME Growth - Dec 11, 2015
  23. Governor Emefiele Pledges Assistance to Textile Owners - Oct 12, 2015
  24. CBN Committed to Producing Economic Citizens says Emefiele - Mar 18, 2015

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