NESG v CBN: Issues Deconstructed - In Praise of Contexts


Monday, October 05, 2020   /05:20 AM / by Proshare Research / Header Image Credit: EcoGraphics

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Taking a cue from the arguments between the CBN and NESG on the direction of the Nigerian economy, it appears clear that in the last five years, Nigeria's economy has bobbed and weaved between recession and modest growth as a result of external economic shocks from falling crude oil prices (in 2016) and a global health pandemic (Q1 2020) riding atop a trade tussle between Saudi Arabia and Russia for increased global oil market share in Q1 2020.


Tumbling oil prices and economic shutdowns mainly in Q1 and Q2 2020 has led to negative GDP growth rates in several countries around the world. The decline in global economic activities has resulted in higher unemployment rates, rising business and individual bankruptcies, and major disruptions to global business supply chains. To pull through the difficult times both monetary and fiscal authorities across the globe have resorted to unconventional economic policies including quantitative easing (QE) mixed with targeted fiscal interventions. In the case of Nigeria, more recently the federal government (and a few states) have hiked retail tax rates and removed subsidies on petrol and energy plum in the middle of a recession, this is, of course, counterintuitive, and contrary to the policies in other global economies,  but at a time of COVID-19 who knows what works?


Indeed, markets may look a bit drunken in a coronavirus environment with monetary and fiscal policies and their consequences pivoting to surprising directions, but certain basic principles remain (even though the economist's Philips Curve which shows the relationship between Inflation and unemployment seems to have disappeared).


To push GDP upwards countries have ha to expand fiscal policy (in true Keynesian fashion) and allowed for monetary easing which has seen interest rates fall as unemployment rates dipped at differential rates across American, Asian and European economies. Indeed macroeconomic consequences of expansionary fiscal and monetary policies differed across Africa too.


In Nigeria, the Central Bank has had a grand time of intervening massively in economic stimulation through a pile of intervention funds. It may be too early to say how effective these interventions have been but with rising inflation (+13.22% in August up from +12.82% in July 2020), GDP growing at -6.10% in Q2 2020, and unemployment at +27.1% at the end of the first half of the year, analysts are irritable about the success of what Proshare in its Coronanomics Report released in May 2020 on page 4 called "fiscmon", a contemporary economic management arrangement that breaks the distinction between monetary and fiscal policy and allows the monetary authority to dominate economic coordination between traditional fiscal and monetary policy. The report stated that fiscmon "represents an integrated approach that sees monetary and fiscal management tied into a forward plan of action to achieve clearly stated objectives within a specified time frame".

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CBN's Economy Nudge

The Nigerian Central Bank jumped in early to head off a possible severe recession in 2020 as a result of falling international oil prices, dwindling fiscal revenues, and supply chain shock caused by the economic disruptions accompanying the global coronavirus pandemic (COVID-19) that had started to hurt local businesses. The CBN's interventions were important but the jury is still out on its impact.


The numbers published by the National Bureau of Statistics (NBS) on leading macroeconomic indices for the country between January and June 2020 remain unflattering. The CBN has said that things could have been worse without its intervention but this is as good as saying that a man that drowned in a swimming pool was a lot better than one that drowned in the Pacific ocean, after all, there are no sharks in a swimming pool!


However, dead men do not care where they drown they simply stay dead. The principle point is that the CBN's policies need to show evidence of effectiveness to drive up the confidence and trust deficit plaguing the private sector. The intervention programmes of the regulator have been laudable but reticent in pushing the needle of growth and development within the pandemic. Some analysts point to the relatively softer impact of COVID-19 on the domestic economy relative to the more severe outcomes for economies such as South Africa. They argue that Nigeria's economy was still gasping for life at a time others were in a coma and not much of the private sector activities were reflective of a nudge by CBN intervention policies in Q1 and Q2 2020 (micro and small enterprises (MSMEs) were stooped in a gully as demand petered and domestic supply chains broke down).


Economists argue that at the time a full lockdown was imposed on the country by the federal government in H1 2020, only Lagos, Abuja FCT, and Ogun State were majorly affected, as other parts of the country carried on business as usual right up to the end of March. The restrictions in interstate travel merely prevented the ease of physical movement of persons but circumnavigated agricultural produce and other essential manufacturing inputs that still got to their points of need during the period.


Economic analysts have observed that the CBN's intervention programmes commenced well before the emergence of COVID-19 in Q1 2020 and that programmes like the agricultural sector anchor borrowers programme (ABP) are yet to produce the agricultural bang for the policy buck. A similar tale of tottering performance would be true for other interventions in aviation, manufacturing, and entertainment. Recent media reports on the local agricultural sector have noted that the anchor borrowers loans (estimated at N240bn) have been difficult to recover as beneficiaries of the loans claimed that they thought the loans were government grants to ease the financial burdens of the coronavirus pandemic. The convenient misdemeanour was expected and slightly comical. The ABP has been peppered with problems that would have been better handled at the level of bank retail project management than as a pet scheme of a banking sector regulator.

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The problems associated with the ABP include, but are not limited to, the following;


  • Poor farmer identification (this is the difference between 'portfolio' farmers and hands-on farmers)
  • Poor farmer loan administration and monitoring (the absence of farmer addresses and locations is a classic case of poor loan governance)
  • Poor farm infrastructural support (poor road networks, logistic challenges, and produce preservation inadequacy combine to disrupt the sectors value chain growth)
  • Supply chain disruptions and absence of disaster recovery plans (DRPs) (supply chains weakened by COVID-19 need to be restored and prepared for a post-COVID-19 era, the risk-proofing of agricultural output becomes critical in times ahead)
  • The local commodity Exchange is still weak and lacks depth and breadth, limiting its usefulness as a risk-protection arrangement and a price-discovery mechanism

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The Other Parts of Lending

CBN's intervention in other sectors of the economy has been no less distressing. The aviation sector fund has not provided a robust boost to the sector and with the coming of COVID-19 and its disruption to air travel, the sector is in pre-terminal agony. Virtually all domestic airlines and their ground handling companies are struggling for breath. Even the strongest of the local airlines, Air Peace, had to sack 69 pilots in August 2020. As a further measure to guarantee the company's continued operations, the company had salaries of 3000 workers cut by 40 percent.  As of August 2017, the CBN had disbursed N277.4bn under its N300bn power and aviation intervention fund (PAIF). The outcome of the fund disbursement has been mixed but represents a much better performance than the agriculture sector.


The PAIF fund was disbursed between September 2016 and June 2017 with N106.13bn repaid within the period. The money was disbursed as loans across 16 airline projects and 43 power projects.


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Kicking The Can Forward

On March 15 2020 the CBN announced some important market intervention programmes designed to keep the economy ticking and preventing a sizable loss of local jobs. Among the measures taken by the Bank at the end of Q1 2020 included:


  • A one-year extension of a moratorium on principal repayments of CBN intervention loans
  • A reduction of interest rate on CBN intervention lending from 9% to 5% per annum.
  • Greater enforcement of the 65% loan-to-deposit ratio (LDR) for local deposit money banks (DMBs) to increase credit to the private sector.
  • Creation of N50bn target credit facility for households and small businesses affected by COVID-19
  • Granting regulatory forbearance to banks to restructure the terms of loans that had been adversely affected by COVID-19
  • Improving FX supply to the CBN by directing oil companies and oil service companies to sell FX to the CBN instead of selling to the Nigerian National Petroleum Corporation (NNPC)


These measures were desirable at heart but failed the tests of potency, clarity, and coherence. The CBN appears to have taken on an elephant-sized job of trying to stimulate the domestic economy without pushing the inflation button, but like all elephants, handling the pachyderm's size is a hefty matter. 


Proshare adopted a multiple regression approach to understanding the relationship between unemployment and inflation. The result was similar to earlier studies which showed that Nigeria does not appear to have a trade-off between inflation and unemployment, or the so-called economist's Phillips curve does not exist for the country. So how should the CBN respond to a phantom curve? The Phillips curve says that if government policy allows for expansion in money supply (or the use of the CBN's monetary handlebars), the national output would grow but with an accompanying inflationary effect. This outcome was the fast and dirty conclusion of British Economist A.W. Phillips. However, the perspective of an inverse relationship between unemployment and inflation no longer appears to hold. Therefore, expecting to fix CBN policy within this framework may be inappropriate, meaning that some aspects of the NESG perspectives could be misleading.


The CBN has tried to reduce unemployment by expanding credit with minimal inflationary consequences. According to the Proshare augmented Phillips curve regression model a one percent rise in the unemployment rate would lead to a 0.47% increase in inflation. If the Phillips curve assumption holds a rise in unemployment should result in a fall rather than a rise in inflation (see Proshares single-step Linear Regression Model in appendix).


This counterintuitive result based on contemporary data (Q1 2010-Q2 2020) makes policy choices difficult. Since credit expansion would not increase inflation should the CBN continue to prime the pump and expand the money supply to create growth, output, and employment? But come to think of it, without a Phillips curve relationship an increase in credit does not reduce unemployment but increases it, so should the CBN cut credit to increase employment?


Both the CBN and NESG appear to agree on the existence of a domestic short-run Phillips curve and they equally agree that credit expansion could lead to a growth in output and employment, but regression analysis suggests they are both wrong. 


The traditional macroeconomic theory says that a slump in GDP accompanied by a large budget deficit would lead to the CBN raising interest rates to shore up the exchange rate and counter the potential inflationary impact of fiscal spending. If the CBN accommodates the fiscal deficit interest rates would fall as the exchange rate rises and output and employment may or may not increase with a lot resting on the uncertain impact of the rising exchange rate on domestic input costs (see illustration 1).


Illustration 1: Playing The Imaginary Phillips Curve Game Badly

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Double Whammies

Two solid punches to the jaw could knock down anybody, including an economy. The double whammy of a health pandemic combined with a drop in oil prices for a major oil-producing economy could lay the economy on the canvass, Nigeria has experienced that dizzyness as inflation spiraled to +13.22% in August 2020 as unemployment banked at +27.1% in Q2 2020. The hard blows of rising inflation and escalating unemployment made mincemeat of the macroeconomic framework used by economists to interpret the economy and its policy tradeoffs.


Both the CBN and the NESG (even if through a marriage of convenience) would need to sit down and work through the dynamics of how the Nigerian economy works to fashion out policies that enable a non-accelerated inflationary rate of unemployment (NAIRU). Or given that studies (including that of Proshare) suggest that there is no trade-off between domestic inflation and unemployment, the two organizations would have to come up with policies that allow for the reduction in inflation and unemployment simultaneously. From the worst of both worlds, the economy needs to move towards the best of both worlds, the policy algorithms may be difficult but not impossible.


A second twin punch has been the combination of international oil price collapse (which has driven a pole into the heart of the government 2020 fiscal arithmetic) and the debilitating consequences of a viral global health pandemic or COVID-19. The potential outcomes of the different scenarios of the pace of recovery from the pandemic and the upward (or downward) correction of oil prices leave the world in a pool of uncertainty (see illustrative scenario matrix below).


Illustration 2: COVID-19/Oil Price Scenarios, Playing uncomfortable Tradeoffs

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With a renewed wave of the COVID-19 pandemic threatening a second shutdown of the European and United States economies, the consequences for frontier economies like Nigeria may be severe. Analysts have noted that several states in the country have opened up their economies for business and socioeconomic activities with interstate travel in full swing creating a potential for a larger spread of COVID-19 at the communal level across the country. The potential outcomes could range from a worsening spread of poverty to the escalation of corporate bankruptcies and job losses (see illustration 3).


Illustration 3: Coping With A Contagion, the Stubborn Side of A Virus

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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

1.      NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution

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Related News - NESG, CBN and Nigerian Economy

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Related News - Most Recent CBN Circulars

1.      CBN Launches Framework for Advancing Women's Financial Inclusion In Nigeria -  Sep 29, 2020

2.     Amended Health Sector Research and Development Intervention Scheme (HSRDIS) Guideline - CBN - Sep 29, 2020

3.     CBN Issues Framework for The Implementation of Family Homes Financing Initiative - Sep 15, 2020

4.     CBN Issues Framework for the Implementation of Intervention Facility for the NGEP - Sep 15, 2020

5.     Post No Debit Circular by CBN - Sep 2020

6.     CBN Issues Framework for Implementation of the Solar Connection Facility - Sep 15, 2020

7.     CBN Releases Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2020-2021 - Sep 12, 2020

8.     Interest on Local Currency Savings Deposits Subject to a Minimum of 10% per annum of MPR - Sep 01, 2020

9.     CBN Issues Revised Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria - Aug 28, 2020

10.  CBN Directs Dealers to Desist from Opening Forms M Whose Payment Are Routed Through a Buying Agent - Aug 24, 2020

11.   CBN Releases Healthcare Research and Development Grant Guidelines - Aug 05, 2020

12.  CBN Provides Non-Interest Guidelines for Intervention Programmes - Jul 25, 2020

13.  CBN Unveils Non-Interest Guidelines for AGSMEIS, MSMEDF, Others - Jul 14, 2020


14.  CBN Discontinues the Processing of Form M for the Importation of Maize - Jul 13, 2020


15.   Regulatory Forbearance for the Restructuring of Credit Facilities of OFIs Impacted by COVID-19 - Jul 09, 2020

16.   CBN Urges Nigerians to Embrace Its N50bn Targeted Credit Facility; Waives Requirement - Jun 08, 2020

17.  CBN Grants Stirling Trust Company Ltd Approval to Commence Cash-In-Transit Operations - Jul 07, 2020

18.  CBN Expands The Scope of Regional Banks in Nigeria - Jul 03, 2020

19.  CBN Issues Draft Framework for Regulatory Sandbox Operations - Jun 29, 2020

20.   CBN Releases Guidelines on Healthcare Research and Development Grant - Jun 07, 2020

21.   CBN Publishes Approved Service Charter - Mar 26, 2020

22. CBN Releases Exposure Draft of the Guidelines for the Regulation and Supervision of MFBs in Nigeria - Mar 26, 2020

23.   CBN Issues Guidelines for the Implementation of the N50bn Targeted Credit Facility- Mar 25, 2020

24.   Bankers Committee Reviews Impact of COVID-19 On Economy, Announces Support Packages - Mar 21, 2020

25. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers - Mar 16, 2020

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

27. CBN Retains Minimum LDR At 65%; Encourages DMBs To Maintain Strong Risk Mgmt Practice - Jan 20, 2020

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

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

30. CBN Reviews Charges On ATM, Card Maintenance and Others - Dec 22, 2019

31.  CBN Publishes Exposure Draft On The Guidelines For Shared Services Arrangements For Banks And OFIs - Nov 27, 2019

32. CBN Publishes Regulation For The Operation of Mortgage Guarantee Companies in Nigeria - Nov 26, 2019

33. CBN Notifies of The Automation Of Form NXP On The Trade Monitoring System - Oct 30, 2019

34. CBN Issues Revised Guidelines For The Registration Of CIT And Currency Processing Companies - Oct 29, 2019

35. Re: Implementation of Cashless Policy: CBN Notifies of Existing Exemptions Until March 31, 2020 - Oct 21, 2019

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

40. CBN Approves Charges On Withdrawals And Deposits; Unbundles Charges on Electronic Merchants - Sep 18, 2019

41.  CBN Issues Guidelines On The Issuance And Treatment Of Bankers Acceptances And Commercial Papers - Sep 16, 2019

42. CBN Issues Regulation On Electronic Payments And Collections For Public And Private Sectors - Sep 11, 2019

43. CBN Amends Guide To Charges By Banks And Other Financial Institutions In Nigeria - Sep 10, 2019

44. CBN Releases Requirements For The Establishment And Operation Of DFIs' Subsidiaries And SPV - Sep 04, 2019

45. CBN Notifies Of The Integration Of NAFDAC e-Permit With e-Form 'M' On The Nigerian Trade Portal - Sep 03, 2019

46. CBN Releases Exposure Draft On The Prudential Guidelines For Deposit Money Banks -Aug 28, 2019

47. CBN Releases Exposure Draft On The Prudential Guidelines For Finance Companies-Aug 28, 2019

48. CBN Releases Exposure Draft On The Prudential Guidelines For Mortgage Refinance Companies-Aug 28, 2019

49. CBN Releases Exposure Draft On The Prudential Guidelines For Development Finance Institutions-Aug 28, 2019

50. CBN Releases Exposure Draft On The Prudential Guidelines For Primary Mortgage Banks-Aug 28, 2019

51.  CBN Releases Exposure Draft On The Prudential Guidelines For Microfinance Banks-Aug 27, 2019

52. CBN Releases Eligibility Criteria And Functional Training Areas Under AGSMEIS - Aug 26, 2019

53. CBN Issues Circular On The Guidelines For The Disbursement Of Lower Denomination Banknotes -Aug 21, 2019

54. CBN To Disburse Lower Currencies To Microfinance Banks -Aug 16, 2019

55. CBN Publishes Consumer Protection Framework Guidelines On Disclosure And Transparency -Aug 05, 2019

56. CBN Releases Consumer Protection Guidelines On Responsible Business Conduct - Aug 05, 2019

57.  CBN Issues Guidelines on Accessing Standing Deposit Facility; Effective Thursday July 11, 2019 - Jul 10, 2019

58. CBN Releases Modalities For The Implementation of The Creative Industry Financing Initiative - Jul 05, 2019

59. DMBs No Longer Require Prior Approval From CBN To Offer Mobile Money Wallet Services - Jul 05, 2019

60. CBN Mandates DMBs To Maintain Loan To Deposit Ratio Of 60% Effective Sept 30, 2019 - Jul 04 2019

61.  CBN Directs MFBs To Implement Resolutions On The Revised National Financial Inclusion Strategy - Jul 02, 2019

62. CBN Requests For Information On The Proposed Payments System Vision 2030 Initiative -May 16, 2019

63. CBN Announces Creative Industry Financing Initiative - May 08, 2019

64. CBN Releases Banknote Fitness Guidelines  - Apr 26, 2019

65. CBN Issues Clean Notes Policy - Apr 26, 2019

66. CBN Releases Guidelines On Pillar 2 Risks And Stress Testing For Banks - Apr 18, 2019

67. CBN Issues Guidelines for Licensing and Regulation of Primary Mortgage Banks in Nigeria - Apr 18, 2019

68. CBN Guidance Notes On The Calculation Of Capital Requirement For Operational Risk For NIFIs - Apr 17, 2019

69. CBN Guidelines On The Mgmt Of Investment Account Holders For Non-interest Fin. Institutions - Apr 17, 2019

70.          Monetary, Credit, Foreign Trade and Exchange Policy Guidelines For Fiscal Years 2018-2019 - Apr 04, 2019

71.  CBN Grants Operators up till April 1, 2019 to Implement The Revised NCS and NICPAS - Mar 05, 2019

72. CBN Releases Initial Guidance Notes on the Implementation of IFRS 9 in the OFIs sector in Nigeria - Mar 05, 2019

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75.  CBN Publishes Banknote Fitness Guidelines - Jan 24, 2019

76. CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019 - Dec 28, 2018

77.  Guidelines For Licensing And Regulation Of Payment Service Banks In Nigeria- Nov 02, 2018

78. CBN Releases Code of Corporate Governance for Finance Companies in Nigeria - Oct 30, 2018

79. CBN Releases Code of Corporate Governance for Development Finance Institutions in Nigeria - Oct 30, 2018

80.CBN Releases Code of Corporate Governance for Microfinance Banks in Nigeria - Oct 30, 2018

81.  CBN Releases Code of Corporate Governance For Bureaux De Change In Nigeria - Oct 30, 2018

82. CBN Introduces Additional Template to The Redesigned CRMS - Oct 23, 2018

83. CBN Reviews Minimum Capital Requirement For Microfinance Banks In Nigeria - Oct 23, 2018

84. Exposure Draft Of New CBN Licensing Regime For Payment System Providers - Oct 18, 2019

85. CBN Proposes N5bn Capital Requirement For Payment Service Banks - Oct 08, 2018

86. CBN Publishes Guidelines For Licensing and Regulation of Payment Service Banks in Nigeria - Oct 07, 2018

87. CBN Releases Exposure Draft-Guidance Notes on Disclosure Requirements - Oct 03, 2018

88. CBN Releases Revised Guidance Note on Regulatory Capital For All Banks In Nigeria - Sep 28, 2018

89. CBN Publishes Circular On Revised Nigeria Bankers' Clearing System Rules, 2018 - Sep 14, 2018

90. CBN Releases Circular On The Regulations On Instant Electronic Funds Transfer Services In Nigeria - Sep 14, 2018

91.  CBN Releases The Revised Nigeria Bankers' Clearing System Rules - Aug 02, 2018

92. CBN Directs Banks to Render Daily Returns on Shared Agency Network Expansion Fund Initiative - Jul 05, 2018

93. CBN Issues Circular to All Banks on the Redesigned CRMS - Jun 07, 2018

94. CBN Issues Regulations for Transaction with Authorized Dealers in Renminbi - Jun 07, 2018

95. CBN Extends Effective Date of The Regulatory Framework For The Use of USSD to Oct 1, 2018 - Jun 01, 2018

96. CBN Direct DMBs to Pledge Collateral of N1bn Worth of Government Securities for OTC Trade Settlement - Jun 01, 2018

97. Regulatory Framework for the Use of USSD in the Nigerian Financial System - Apr 27, 2018

98. CBN Issues Anti-Money Laundering and Combating the Financing of Terrorism Regulations, 2018 - Apr 26, 2018

99. CBN Exposure Draft - Licensing of Private Asset Management Company - Mar 27, 2018

100.       CBN Introduces Non-Oil Export Stimulation Facility (NESF) - Mar 20, 2018

101.         CBN Announces Regulation For Bill Payments In Nigeria - Mar 16, 2018

102.        CBN Revised Regulation for Direct Debit Scheme in Nigeria - Mar 15, 2018

103.        CBN Directs DMBs to Establish Consumer Complaint Help Desk - Mar 09, 2018

104.        CBN Includes Additional Provision For Dividend Pay-Outs For Nigerian Banks - Feb 20, 2018

105.        DMB That Does Not Meet the Minimum Capital Adequacy Ratio Shall Not Be Allowed to Pay Dividend - CBN - Feb 19, 2018

106.        CBN to Sanction Erring Banks for Infractions of Payments System Rules and Regulations - Jan 08, 2018

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

108.        CBN to Draft Framework on Credit to SMEs - Dec 05, 2017

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

110.         CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number - Oct 24, 2017

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

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

113.         Exposure Draft of Regulatory Framework for Unstructured Supplementary Service Data- Sep 08, 2017

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

123.        CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards - Aug 05, 2016

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

126.        CBN Publishes Approved Guidelines on Transactions Switching in Nigeria -May 09, 2016

127.         CBN pledges more interventions to create jobs, wealth - Apr 19, 2016

128.        CBN Publishes Exposure Draft on Guide to Charges for Banks & OFIs in Nigeria - Mar 14, 2016

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

131.         CBN Releases National Financial Literacy Framework Report - Mar 07, 2016

132.        CBN Publishes Guidelines for the Operations of TSA by State Governments in Nigeria - Feb 09, 2016

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

136.        CBN Releases Revised Guidelines for Bureaux De Change in Nigeria -Dec 11, 2015

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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