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Coronation Research Daily Insights
(Source: Coronation Research, Date: 10-May-2024)

FRIDAY, 10 MAY 2024

Telecommunication | Foreign Debt servicing | Bank Recapitalisation | FX Reforms| CBN Act Amendment



Good Morning,

Here are your top 5 news items for the day.

Telecommunication


FG mulls telecom tariff increase "" The Sun

The Federal Government said it was considering giving approval to telecommunication companies to increase tariffs on their products. Minister of  of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, disclosed during an event organised by GMSA, where it presented the Nigeria Digital Economy Report, which showed that the sector was hugely impacted by the inflation in the country. According to the minister, the government must do what it needs to, to improve the business environment. Read more here
 

Foreign Debt Servicing


Q1 foreign debt servicing gulped $1bn "" CBN "" Punch

The Federal Government spent about $1.12bn on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation's finances. Data obtained from the international payment segment of the Central Bank of Nigeria website revealed that debt service payments increased steadily between January and March and over the past few years. In Q1 2023, debt servicing stood at $801.36m, but in Q1 2024, it shot up by 39.7 per cent to $1.12bn. A monthly breakdown of the debt service payments reveals a fluctuating yet consistently high..  Read more here

Bank Recapitalisation


IMF Lauds CBN's Bank Recapitalisation Policy, Projects 24% Inflation By Year-end "" Leadership

The International Monetary Fund (IMF) has commended the move by the Central Bank of Nigeria (CBN) to increase the minimum capital for banks in the country even as it projected that the Consumer Price Index which measures inflation in the country is expected to end this year at 24 per cent. This was stated in the Fund's Executive Board Conclusion of 2024 Article IV Consultation with Nigeria just released. According to the IMF, CPI in the country is expected to average 26.3 this year and 23 per cent next year. Read more here

FX Reforms


CBN mandates banks to comply with FX reforms "" The Sun

In a move to enforce total compliance with the rules of engagement, the Central Bank of Nigeria (CBN) on Thursday, issued a directive to all banks on the need to strictly implement recent foreign exchange policy reforms. In a letter signed by the Acting Director, Banking Supervision, Dr. Adetona Adedeji and addressed to banks, the CBN emphasised the need for prudent financial management and risk mitigation. The CBN's directive underscores the importance of maintaining a robust financial position in the face of potential currency fluctuations. Specifically, banks are required.. Read  more here


CBN Act Amendment


IMF cautions FG against CBN Act amendment "" Vanguard 

The International Monetary Fund (IMF) has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria (CBN), calling rather for the strengthening of the apex bank. The position of the Fund was contained in the Article IV Staff Consultation Report of the Board of Governors of the global organization, which was released in Washington, yesterday. It stated: ...Directors supported the authorities' intentions to shift to an inflation targeting regime and recommended strengthening central bank independence and communication.. Read more here.

 

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