Banking and Finance

Expert urges CBN for reduction of cash reserve ratio

A former Chairman, Manufacturers Association of Nigeria, Ogun Chapter, Wale Adegbite, has urged the Central Bank of Nigeria (CBN) to also reduce the Cash Reserve Ratio (CRR) to make the recent reduction of the Monetary Policy Rate (MPR) meaningful.

Adegbite who gave the suggestion during an interview in Otta said that the reduction of the CRR would free more funds from the CBN for manufacturers who were in need of funds.

Purchasing Managers’ Index Sustains Uptrend with Faster Growth Rate

The Central Bank of Nigeria on Wednesday, 27th March 2019 released the Purchasing Managers’ Index (PMI) report for March 2019 with the report indicating an expansion in the Manufacturing and Non-Manufacturing sectors for the twenty-fourth and twenty-third consecutive month respectively.

The consistent improvement in PMI readings which stood at 57.4 points for the Manufacturing and 58.5 points for the Non-Manufacturing sector reflected the respective faster monthly growth rate seen in 11 out of 14 subsectors and 14 out of 17 subsectors surveyed in each sector.

FCMB Sustains Performance with ₦177.4bn Revenue, Achieves 73% Profit Increase

FCMB Group Plc has released its financial results for the year ended December 31, 2018, reporting a gross revenue of N177.4 billion, an increase of 4.3% compared to the N169.9 billion for the same period in 2017. In addition, profit before tax (PBT) rose by 73% to N18.4 billion as against N11.5 billion in the preceding year. Following these, the financial institution has recommended a dividend of 14 kobo per share to shareholders.

Central Bank of Nigeria cuts benchmark rate to 13.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut down the benchmark lending rate from 14 percent to 13.5 percent to further promote economic growth.

The Central Bank Governor, Mr Godwin Emefiele said this when he briefed newsmen in Abuja on Tuesday on the outcome of the 266th Monetary Policy Committee meeting.

This is the first time the rate has been altered since July 2016.

Emefiele said all 11 members were present at the meeting and six out of 11 of them voted to reduce the Monetary Policy Rate (MPR) by 50 basis point.

Insurance Corporation to institute policies to safeguard financial services industry

The Nigeria Deposit Insurance Corporation (NDIC) says it would collaborate with relevant institutions to institute policies that would ensure the safety of the financial services industry in Nigeria.

The Managing Director of the corporation, Mr. Umaru Ibrahim reaffirmed this while giving a welcome address at a seminar organized for the management staff of the Federal Ministry of Finance in Abuja, Nigeria.

Business Environment Reforms: Can Nigeria Regain Initial Steam?

This week, we turn our attention to the ongoing business environment reforms started by the President Buhari administration in 2016. The Presidential Enabling Business Environment Council (PEBEC) is the institution tasked with the reforms that make it easier to do business in Nigeria. The improvements are expected to come in the form of a reduction in cost, time and procedures in starting and running a business. The overall target at the commencement of the reforms was to improve Nigeria’s ease of doing business rank to the top 100.

Nigeria records 57.1 PMI points in February –CBN

The Central Bank of Nigeria (CBN) said the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.

The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website.

The report said the index grew at a slower rate when compared to 58.5 index points recorded in February.

CBN injects $268.4m, CNY 46.3m into retail SMIS

The Central Bank of Nigeria (CBN), yesterday, made an intervention of $268.4million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was disclosed by the director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor, who revealed that the intervention was for requests in the agricultural and raw materials sectors.

Nigeria signs agreements with three finance institutions

Nigeria’s Federal Government today signed investment agreements with three Development Finance Institutions: Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) for the development of special economic zones in the country.

And with the signing, President Muhammadu Buhari, who presided over the ceremony at the Council Chambers of the Aso Rock Villa, declared the investment company in the special economic zones will become operational.

Ambode presents ₦852.32b Budget

The Lagos state Governor, Mr Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316 billion to the State House of Assembly.

Governor Ambode presented it with a pledge that the budget had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State, Voice of Nigeria reports.