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The Central Bank recently held the regular Monetary Policy Committee meeting and the first chaired by the new Governor, Lamido Sanusi. Two of the key outcomes of the meeting were the lifting of restrictions on FOREX trading and the cutting of the key interest rate by 200 basis points (from 8% to 6%) in order to boost credit growth. The other key points from the meeting are:
In: CBN
10 Apr 2009The Central Bank of Nigeria claimed that some banks were already breaching the 15% Maximum Deposit Rate rule and has warned erring institutions. The maximum deposit rate ws imposted by the CBN and agreed to by the banking exectives on April 1 after some of the banks started scrambling to attract deposits during a liquidity squeeze driving the deposit rate over 20%:
In: CBN
26 Feb 2009The Nigerian Tribune had an article in Feb 25th’s paper stating that contrary to recent assertions by the CBN, some of the banks might not be in a good shape. The article was based on a report by Price WaterHouse Coopers. I have been unsuccessful in getting a copy of the report.
I have highlighted the major points of this paper and find it very instructive. The fact that neither the Ministry of Finance nor the CBN released statements to contradict this report lends credence to it.
On reading this article, there seems to be little communication between the Finance Ministry and the CBN.
Here is article:
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