CBN tweaks 32-month-old policy rate, opts for growth

The Central Bank of Nigeria (CBN) yesterday took local and international investors by surprise, cutting the 32-month-old Monetary Policy Rate (MPR) by 0.5 per cent to 13.5 per cent. The new economic direction for the next two months has already been seen as growth and investment inducer, notwithstanding the size. It is capable of creating loan renegotiations if sustained and is a test of rate cut environment. Monetary Policy Committee (MPC) members had held on to the rates for nearly…

Repackaging microfinance banking for impact

WITH the planned establishment of a National Microfinance Bank, NMFB, by the Central Bank of Nigeria, CBN, in collaboration with Bankers’ Committee and Nigerian Postal Services, NIPOST, CBN seem poised to repackage microfinance banking for the desired impact on the economy. According to CBN, the reason for the planned NMFB is because “the task and responsibility to improve our rural communities lies in our hands and we believe strongly that using the infrastructure of the NMFB we would get to…

N464bn Treasury, OMO bills to mature this week

Feyisayo Popoola Treasury Bills and Open Market Operations bills worth N464bn will mature this week. The Central Bank of Nigeria is expected to conduct a Primary Market Auction on Wednesday where a total of N115.1bn across the 91-day (N23.4bn), 182-day (N38.8bn) and 364-day (N59.9bn) tenors is expected to be rolled over. The 91-day tenor has an offer amount of N24.37bn and is expected to have a stop rate range of about 10.90 per cent to 11 per cent. In the…

Despite inadequacies in Kwara polls, I wish those who emerged best of luck —Saraki

Senate President, Dr. Abubakar Bukola Saraki, has stated that in spite of the reported inadequacies that attended last Saturday’s presidential and National Assembly elections in Kwara State, he is wishing the candidates who emerged from the election the best of luck. Dr. Saraki in a statement signed by his Special Adviser (Media and Publicity), Yusuph Olaniyonu, stated that while the election was generally peaceful, there were inadequacies like the card readers not used in over 70 percent of the polling…