CBN Holds 256th MPC Meeting Next Week

Image

By Modupe Gbadeyanka

On Monday, May 22, 2017 and Tuesday, May 23, 2017, the Central Bank of Nigeria (CBN) will hold its quarterly meeting of the Monetary Policy Committee (MPC).

The event, in its 256th edition, is slated to hold in Abuja.

According to a statement issued by the apex bank, members of the committee will precisely converge at the MPC Meeting Room, located at the 11th Floor, Wing C of the CBN Corporate Headquarters in Abuja.

It was disclosed that the 256th MPC meeting would begin by 9am on both days.

After the meeting, the central bank Governor, Mr Godwin Emefiele, would be expected to address the media on outcome of deliberations by members of the committee.

It is not certain if the committee will cut down the interest rate this time, especially when the economy is showing signs of recovery. At the moment, it is at 14 percent.

Share
Related Stories
Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

More Stories
Image
15-July-2017

BoI to Raise N3tr in 12 Months to Support SMEs in Nigeria

By Modupe Gbadeyanka Managing Director of the Bank of Industry (BoI), Mr Kayode Pitan, has disclosed that the lender has concluded plans to raise about N3 trillion to further support Micro, Small and Medium Enterprises (MSMEs) across Nigeria. Mr Pitan made this disclosure this week at the inauguration of the 10-member board of the bank in Abuja by the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah. According to the BoI chief, the N3 trillion would be raised in the next 12 months and the Central Bank of Nigeria (CBN) would be brought in as a major partner. “Our

Image
13-June-2022

Investors Stake N19.494bn on 1.831 billion Equities in One Week

By Dipo Olowookere Transactions at the Nigerian Exchange (NGX) Limited broadly fell last week as investors bought and sold 1.831 billion equities worth N19.494 billion in 21,723 deals in the five-day trading. In the previous week, a total of 28.736 billion equities worth N209.060 billion exchanged hands in 23,688 deals. The high trading volume in the comparative week was influenced by an off-market deal in Union Bank, involving the purchase of over 27 billion shares of the lender by Titan Trust Bank for more than N190 billion. Last week, the bourse did not witness a similar trade but the financial

Image
13-April-2023

FG Files Suit Against Seplat CEO Roger Brown, Others

By Aduragbemi Omiyale The chief executive of Seplat Energy Plc, Mr Roger Brown, has been charged to a federal high court sitting in Abuja in suit number FHC/AB/CR/149/2023. The suit against the British national was filed by the federal government on Thursday, April 6, 2023, over an alleged breach of the extant provisions of the Immigration Act, 2015. In the four-count charge, the Nigerian government also accused Seplat of giving Mr Brown the job to head the company despite not obtaining the necessary government approvals because of his status. “That you on or before the 9th day of March 2023

Image
10-August-2016

CBN Extends BVN Registration For Diaspora Customers

The Central Bank of Nigeria (CBN) has announced the extension of registration for the Bank Verification Numbers (BVN) for Nigerian customers living abroad. In a circular released on Tuesday by the Director, Banking and Payment System of CBN, Mr Dipo Fatokun, the apex bank advised all bank customers in the diaspora to ensure that they have attached their BVN to their accounts from January 1, 2017. CBN said it extended the deadline so as to give enough time for such category of customers to get the BVN. Mr Fatokun said in the circular that customers living abroad now have from

Image
07-December-2022

Nigeria’s Oil Production Now 1.59 million Barrels Per Day—NNPC

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has claimed that Nigeria’s oil production, as of December 6, 2022, was 1.59 million barrels per day. The Chief Upstream Investment Officer at the NNPC’s Upstream Investment Management Services (NUIMS), Mr Bala Wunti, disclosed this yesterday at the ongoing 11th Practical Nigerian Content forum in Uyo, Akwa-Ibom State. Mr Wunti said due to the government’s intervention, the country’s oil production output had increased amid the oil theft crisis, adding that the government was resolving the issues using three strategies which are detect, deter, and respond appropriately. Representing the Chief Executive

Image
10-June-2023

Oil Drops on Poor Chinese Demand Data 

By Adedapo Adesanya Oil fell more than $1 on Friday to record a second straight weekly decline as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output. Brent declined by $1.17 or 1.5 per cent to settle at $74.79 a barrel, as the US West Texas Intermediate (WTI) went down by $1.12 or 1.6 per cent to $70.17 a barrel. Both benchmarks lost more than $3 on Thursday after a media report that a US-Iran nuclear deal was imminent and would result in more supply. Prices pared losses after both countries denied

Image
19-August-2016

FG Partners USA On Security

Nigeria has promised to work with the United States of America (USA) so as to tackle the various security issues affecting both countries. This was the resolution reached between the two nations during a meeting recently in Abuja. Minister of Interior, Abdulrahman Dambazau, said the Nigeria was ready to partner with America on Security Governance Initiative (SGI) programme. He noted that the focus areas of the SGI initiative is in line with President Muhammadu Buhari administration’s three main focus areas of Good Governance, Transparency/Accountability and Security, stating that the SGI involves all security agencies in the country, and not limited

Image
16-March-2017

Mrs Buhari Becomes Consumer Ambassador of Nigeria

By Dipo Olowookere Wife of the President, Mrs Aisha Buhari, has charged Nigerians to understand their rights as consumers in order to stand up to market abuses which undermine those rights. She said the rights of the consumer must be protected and those on the wrong side of the law be made to understand that their rights come to an end where the rights of the consumer begins. Mrs Buhari, who was represented by the wife of the Governor of Nasarawa State, Mrs Mairo Tanko Almakura, made the charge during her investiture as Consumer Ambassador of Nigeria by Consumer Protection

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods