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Coronation Research Daily Insights
(Source: Coronation Research, Date: 28-Feb-2024)

WEDNESDAY, 28 FEBRUARY 2024

Interest Rate | Foreign Exchange | Crude Shortage | Ways and Means | Intervention Loans

Good Morning,

Here are your top 5 news items for the day.

Interest Rate


CBN raises interest rate to 22.75% to curb inflation "" The Sun

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, raised the bench- mark lending rate by 400 basis points (bps) to 22.75 per cent from 18.5 per cent, in its efforts to aggressively contain the rapidly rising inflation in the economy. But economic experts have described the development as an overkill and a huge constraint on commercial banks to support the economy. Nonetheless, the MPC also increased the asymmetric corridor to +100bps/- 700bps from the initial +100bps/-300bps. Also increased was the Cash Reserve Requirement (CRR) from 32.5 per cent to 45.0 percent while it retained a liquidity rate at 30 percent. Read  more here 

Foreign Exchange


CBN resumes forex sale to BDC operators after three years "" Punch 

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators. The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday. According to data obtained from the CBN website, there are 5,690 BDC operators nationwide. However, about 1,373 BDC operators have been screened to get the allocation. The breakdown include Abuja, 186; Awka,  26; Kano, 376; Lagos, 785. Read  more hereCrude Shortage


Dangote, PH refineries face crude shortage over low production "" FG  "" Punch

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum products unless deliberate efforts are made to increase investments and crude production in the sector. Lokpobiri said unless the country ramped up production by handing over its oil wells to capable investors, the refineries would not get enough feedstock to produce enough oil, even for local consumption. On January 12, the Dangote refinery announced that it had begun the production of both diesel and..  Read more here. 

Ways and Means


Senate begins probe of over N30trn Ways and Means "" Vanguard

The Senate has begun a probe into the payment of N30 trillion ...Ways and Means" secured from the Central Bank of Nigeria (CBN) by the immediate past government in the last 10 years. Consequently, the Senate has set up an ad hoc committee to carry out a holistic investigation into the matter and report to plenary in four weeks. The Committee to probe the humongous N30 trillion "˜Ways and Means', which was released as a loan to the Federal Government during the former President Muhammadu Buhari administration, was constituted by the Deputy Senate President, Senator Jibrin Barau, APC, Kano North, who presided over part of yesterday's plenary. Read more here 

Intervention Loans


CBN vows to recover intervention loans worth over N10trn "" Business Day

The Central Bank of Nigeria (CBN) has vowed to recover all its intervention loans in excess of N10 trillion, given to different sectors of the economy, as it insists on earlier stance of pulling out of direct development financing. Olayemi Cardoso, the CBN governor, reiterated the apex bank stance on Tuesday while announcing the outcomes of the two-day meeting of the Monetary Policy Committee (MPC), which raised the monetary policy rate (MPR) by 400 basis points to 22.75 percent. The committee equally adjusted the assymetric corridor around the MPR to +100/-700 from +100/-300 basis points, jacked up the Cash Reserve Ratio from 32.5 percent to 45 percent, but retained the liquidity ratio at 30 percent. Read more here

 

 

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