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MPC Meeting
CBN Postpones MPC Meeting Indefinitely "" Leadership
The Central Bank of Nigeria (CBN) has announced the postponement of the bi-monthly meeting of its Monetary Policy Committee (MPC) indefinitely. CBN director of corporate communications, Isa AbdulMumin, made the disclosure in a statement he issued on Thursday. The meeting for this month was initially fixed for September 25 and 26. ...The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively," AbdulMumin said in the statement, adding that ...A new date will be communicated in due course." He, however, did not give any reason for the sudden postponement of the all-important meeting where monetary policy decisions, including the official interest rate benchmark also known as the Monetary Policy Rate, cash reserve ratio, asymmetric corridor and other parameters are taken by the 11-man committee. However, a source in the apex bank told LEADERSHIP that the decision was as a result of.. Read more JUST-IN: CBN Postpones MPC Meeting Indefinitely (leadership.ng)
African Trade
Nigeria's trade with Africa up 40.8% to N1.84trn "" Vanguard
Nigeria's trade with the rest of Africa increased by 40.8 percent Year-on-Year (YoY) in the first half of 2023 (H1'23) to N1.839 trillion from N1.306 trillion recorded in the corresponding period of 2022 (H1'22). This represents a reversal in the declining trend of the nation's intra-African trade over the same period since 2020, in terms of value. Available data from the National Bureau of Statistics (NBS) show that Nigeria's intra-African trade in H1'21 amounted to N1.47 trillion out of total foreign trade of N21.79 trillion; and N1.67 trillion in H1'20 out of N14.55 trillion total foreign trade recorded within the period. The NBS data on Nigeria's external trade data with the rest of Africa also indicates that the intra-Africa trade is gaining more ground against total foreign trade recorded by the country in the past three years. The N1.839 trillion recorded in H1'23 represents 7.42 percent of the total foreign trade of N24.789.. Read more Nigeria's trade with Africa up 40.8% to N1.84trn - Vanguard News (vanguardngr.com)
Currency In Circulation
Currency in circulation rises to N2.7tn- CBN report "" Punch
Currency in circulation in Nigeria jumped by N1.7tn as cash transactions increased. Figures obtained by The PUNCH from the Central Bank of Nigeria's data on CIC revealed on Thursday that the currency in circulation hit N2.7tn as of the end of August. The currency in circulation fell to N982.1bn as of the end of February 2023, due the naira redesign policy of the apex bank. It however maintained a steady rise when the policy ended, and cash earlier withdrawn from circulation in order to drive e-payments, was returned back into the economy. The currency in circulation in the country had dipped by a 235.03 per cent to N982.1bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the CBN. Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review. Read more Currency in circulation rises to N2.7tn- CBN report (punchng.com)
Derivatives Market
Forex derivatives' market turnover dips by 57.76% in August "" Guardian
The total turnover in the Foreign exchange (forex) derivatives market segment was $1.49 billion. (₦1.14 trillion) in August 2023, representing a MoM decrease of 57.76 per cent ($0.79 billion) from the figure achieved in July 2023. According to FMDQ Securities Exchange Financial Market Report for the month of August, the MoM decrease in the FX derivatives turnover was jointly driven by the 13.38 per cent ($0.21 billion) and 62.05 per cent ($0.17 billion) decline in transactions across FX Swaps and FX Forwards, and the sustained lack of activities in the FX Futures market, respectively. In the OTC FX Futures market, the near month contract1 (NGUS AUG 30, 2023) expired and open positions with a total notional value (NV) of $0.71 billion settled. The exchange said a far month (60M).. Read more Forex derivatives' market turnover dips by 57.76% in August "” Business "” The Guardian Nigeria News "" Nigeria and World News
NNPCL
UNGA78: NNPC Limited joins UN's global compact programme "" The Sun
The Nigerian National Petroleum Company (NNPC) Limited has become the first State-owned oil company to sign up as a participant of the United Nations Global Compact. The signing took place on the sidelines of President Bola Ahmed Tinubu's session during the Global Africa Business Initiative (GABI) at the ongoing United Nations General Assembly (UNGA) in New York. The Group Chief Executive Officer (GCEO) of NNPC Limited, Mr. Mele Kyari signed the Letter of Commitment, signifying NNPC Ltd's participation in the UN Global Compact. Speaking shortly after signing the dotted lines, the GCEO said that as a dynamic global energy company with businesses and operations across the entire spectrum of the energy value chain, NNPC's participation in the UN Global Compact is a further testimony to Nigeria's commitment to work with global partners towards attaining a just Energy Transition. The GCEO added that with this development, NNPC Ltd. supports the Ten Principles of the United Nations Global Compact on human rights, labour, environment, and anti-corruption. Read more UNGA78: NNPC Limited joins UN's global compact programme "" The Sun Nigeria (sunnewsonline.com) | |
