CBN: Currency in circulation hits N2.426trn in September

CBN, Currency in Circulation, DMBs, Naira

Currency in circulation (CIS) rose by N56.44 billion in one month from N2.369 trillion as of the end of August to N2.426 trillion as of the end of September, the Central Bank of Nigeria has revealed. The latest report on CIC released by the apex bank on Wednesday showed that the figure, which stood at N2.35 trillion as of the end of May, rose to N2.39 trillion as of the end of July. The currency-in-circulation on quarter-on-quarter basis fell by 6.0 per cent to N2.29 trillion at the end of…

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NSE rallies experts to discuss future of finance post COVID-19

NSE rallies experts to discuss future of finance post COVID-19

Leaders in the financial services industry are set to dissect the post-COVID-19 future of the industry at a webinar slated for Thursday, October 8 and oragnised by the Nigerian Stock Exchange (NSE). With the theme, The Future of the Financial Services Industry Post COVID-19, the webinar will bring together market stakeholders to share valuable experiences in managing the impact of the pandemic. More importantly, the discussions will also .dovetail into the future of the Nigerian financial market, with the goal of charting a route to a sustainable future. According to the NSE in…

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CBN resorts to expansion policies to combat recession

The Central Bank of Nigeria (CBN) has said it will pursue expansionist monetary policies to save the country from economic headwinds and combat recession. God Emefiele, the CBN governor has said that this is necessitated by many constraints against the fiscal policy. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held last week. He said, “The committee was therefore of the view that to abate the pressure, it…

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11.5% MPR: Emefiele explains factors surrounding rate cut, others

Emefiele MPR, MPC rate cut

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has explained factors that led to 100 basis points reduction in lending rate and other decisions taken at its last Monetary Policy Committee (MPC) meeting that ended on Tuesday. At the end of the 2-day meeting, the Committee had reduced the monetary policy rate (MPR) by 100 basis points from initial 12.5 per cent to 11.5 per cent and adjusted the asymmetric corridor to +100/-700 around the MPR. According to Emefiele, the Committee reviewed the choices before it, bearing in…

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Banks borrow N2.08trn from CBN in 4 months

Bank loans, Emefiele, CBN

Increased liquidity in the banking sector has continued to raise the lending institutions’ capacity to increase credit to the economy. The Deposit Money Banks and merchant banks in the country borrowed N1.81tn from the Central Bank of Nigeria in the first quarter of the year. In April, they borrowed N274bn from the apex bank, thereby increasing the amount borrowed to N2.08tn in the first four months of the year, according to data obtained from the CBN. According to CBN reports, the banks continued to access the standing facilities window to…

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Emefiele’s personal statement at the 131st MPC Meeting of July 20, 2020

Emefiele MPR, MPC rate cut

At the last Monetary Policy Committee (MPC) meeting held on July 20, 2020, the Chairman of the committee and Governor of the Central Bank of Nigeria (CBN) appraised the current local and global economic realities, and led other members of the committee at the end of the 131 MPC meeting to decide key monetary indices. Below are Emefiele’s words at the meeting: Global macroeconomic stability was significantly impaired in the first half of 2020 due to the widespread covid-19 pandemic, leading to a high degree of uncertainty in the short-term…

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COVID-19: CBN waives compulsory guarantor on N50bn Credit Facility

MPC, MPR, CBN

The Central Bank of Nigeria said all applicants for its Covid-19 household and small and medium enterprise support loans will no longer require guarantors to access the facility. In a notice posted on its official Twitter handle, the CBN said: “CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility” The Apex bank did not state which criteria it would use to screen applicants but definitely not guarantor, as indicated in the tweet. All applicants to the N50 billion credit…

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