Economy

Economy: Investors Panic as CBN ‘Suspends’ MPC Meeting

Published

8 years ago

08/01/2018

By Modupe Gbadeyanka

With just two weeks left to the first meeting of the Monetary Policy Committee (MPC) meeting this year, it is not certain if the meeting will hold.

This is because the committee lacks the quorum to seat and the Senate, which is to screen and confirm nominees to fill the vacant positions, has refused to carry out this duty because of a face-0ff with the executive arm of government.

The MPC meeting is organised by the Central Bank of Nigeria (CBN) and it uses it to formulate monetary policies and set interest rates.

The committee comprises the CBN Governor, who acts as the chairman; the four deputy governors of the apex bank; two members of the board of directors of the chief lender; three members appointed by the President; and two members appointed by the Governor.

At the moment, eight positions on the 12-member committee are vacant, making it impossible for the committee to form a quorum.

With the crisis on ground, investors are already getting worried where this could lead the nation’s economy to.

Business Post gathered that investors and observers want the Senate and Presidency to quickly resolve the issue so as not to put the recovering economy into another crisis.

“It is a bad signal to investors. If the meeting fails to hold later this month, be rest assured that it would have a negative effect on the economy because it would surely bring panic amongst us,” an investor, Mr Sunday Akinremi, told Business Post on Monday.

The Senate is expected to resume from its recess on Tuesday, January 16, 2018, while the MPC meeting is scheduled to hold a week after.

According to a report by ThisDay, a Senator, who spoke on the condition of anonymity on Sunday, maintained that the position of the upper legislative chamber remained unchanged until the impasse regarding the nomination and non-confirmation of the acting chairman of the Economic and Financial Crimes Commission Crimes Commission (EFCC), Mr Ibrahim Magu, was resolved.

The lawmaker also said the Senate had resolved to seek legal interpretation of a comment made by Vice-President Yemi Osinbajo that the position of the EFCC chairman does not require the confirmation of the Senate, as it was not specified in the constitution.

As a result of Mr Osinbajo’s remark, the Senate had resolved to suspend the confirmation process for all nominees of the president not specifically mentioned in the 1999 Constitution, but are provided for in the establishment Acts of several agencies of the federal government such as the CBN, FIRS, NCC, and others.

The source explained: “What we are saying is that there is a need to test this in court. Since the vice-president, who is a lawyer, can pronounce that Magu does not need Senate confirmation and that his nomination should not have been sent to us in the first instance, then we queried why that of the MPC members were sent to the Senate.

“After all, the appointment of MPC members is also not contained in the constitution. So why was it sent to us? If we decline confirmation, would the executive not still interpret it the way they have chosen to interpret the issue with Mr Magu?

“Just like the EFCC chairmanship, the members of the MPC are not mentioned in our constitution.”

However, the lawmaker pointed out that the Senate has been confirming nominees of the president specifically mentioned in the constitution such as officials of the Independent National Electoral Commission (INEC).

When contacted, the spokesman of the Senate, Mr Sabi Aliyu Abdullahi, could not be reached for his reaction, as his mobile phones were switched off.

In a recent interview, he had told THISDAY that the resolution of the Senate was still in place until the impasse regarding Mr Magu was resolved.

The President had in October nominated Mrs Aisha Ahmad as deputy governor of the CBN to replace Mrs Sarah Alade, who retired from the Bank last June.

He also nominated Professor Adeola Festus Adenikinju, Dr Aliyu Rafindadi Sanusi, Dr Robert Chikwendu Asogwa and Dr Asheikh Maidugu as members of the MPC to fill the positions of four others whose tenure expired at the end of last year.

Similarly, the president had nominated five non-executive directors for the CBN, who have also not been confirmed by the Senate.

Meanwhile, Mr Suleiman Barau, another deputy governor of the central bank, who is also a member of the committee, retired last month.

The president is yet to name a replacement for him.

The delay in confirming the MPC nominees has led to uncertainty over the January meeting of the committee, which has operational independence in setting interest rates as well as formulating monetary policies for the country.

Speaking on the issue Sunday, a senior CBN official who pleaded to remain anonymous, said the matter was beyond the CBN.

She explained: “The CBN is not in a position to push for the confirmation of the nominees. It is something between the presidency and the Senate.

“We would have loved to get the confirmation so that our MPC and even the Board of Governors would be up and running.”

When asked about the likely implication of not holding the meeting, the CBN official said: “The implications are very clear. Apart from being a national disgrace, it would be an international embarrassment that the CBN cannot hold its MPC because of the lack of quorum. I don’t think it has ever happened to any country.”

Economy

46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week

Published

2 hours ago

27/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.

The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.

Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.

A look at the price changes of shares in the five-day trading week showed that

46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.

UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.

On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.

As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.

Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.

Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.

Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.

Economy

NGX Group’s 65th Annual General Meeting Holds April 29

Published

8 hours ago

27/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.

Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.

As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.

The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.

Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.

The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.

Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.

Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

Published

2 days ago

25/04/2026

Dipo Olowookere

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.