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News :: Market Announcement
CBN Monetary Policy Committee Elect to Retain Key Benchmark Rates

MarketSmith/CBN/News/Tuesday, 25th July 2017

 

Summary of the Committee’s Decisions


In consideration of the headwinds confronting the domestic economy and the uncertainties in the global environment, the Committee decided by a vote of 6 to 2 to retain the Monetary Policy Rate (MPR) at 14.0 per cent alongside all other policy parameters. Consequently, 6 members voted to retain the MPR and all other parameters at their current levels while two members voted to ease the stance of monetary policy. In summary, the MPC decided to:


(i) Retain the MPR at 14 per cent;
(ii) Retain the CRR at 22.5 per cent;
(iii) Retain the Liquidity Ratio at 30.00 per cent; and
(iv) Retain the Asymmetric corridor at +200 and -500 basis points around the MPR.


CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO 114 OF THE MONETARY POLICY COMMITTEE MEETING OF 24th AND 25th JULY, 2017
Background


The Monetary Policy Committee met on the 24th and 25th of July 2017, against the backdrop of a relatively improving global economy. However, protectionism in trade and immigration; fragilities in the financial markets, remain the key risks to global economic stability.


On the domestic front, the economy is on a path to moderate recovery with a positive short- to medium-term outlook, premised largely on fiscal stimulus and a stable naira exchange rate. Inflation expectations also appear sufficiently anchored with the current stance of monetary policy.


In attendance were 8 out of 12 members of the Committee. The Committee examined the global and domestic economic and financial environments in the first half of 2017 and the outlook for the rest of the year.

External Developments


The momentum witnessed in the global economy in Q1 2017 continued through the second quarter, driven by a generally accommodative monetary policy stance in most advanced economies, moderation in energy prices and improved global demand. The emerging markets and developing economies, are experiencing positive spillovers from somewhat improved commodity prices and developments in the advanced economies. The growth prospects for this group of countries in 2017 are expected to rise to about 4.6 per cent from 4.3 per cent in 2016.


Complemented by the momentum in other blocks and a potential positive prospect for expansion in world trade, the IMF in its July edition of the World Economic Outlook (WEO) projected global output growth in 2017 at 3.5 per cent from 3.1 per cent in 2016.

The MPC, however, noted some headwinds confronting the optimistic outlook to global growth arising mainly from receding market expectations of expansionary U.S. fiscal policy, weaker than expected growth in the U.K due to difficult BREXIT negotiations and geo-political risks associated with the forthcoming German general elections. In addition, the Committee noted the downward trend in global inflation after earlier indications of an uptick as the U.S. continues to build up inventories in shale oil, while emerging economies such as Brazil, Russia and South Africa witness strong economic headwinds leading to sharp downturn in output.

Domestic Output Developments

Data from the National Bureau of Statistics (NBS) showed that the contraction in the economy moderated to 0.52 per cent in Q1 2017 from 1.30 per cent in Q4 2016. The data further revealed that fifteen economic activities recorded positive growth in Q1 2017, showing strong signs of recovery. The Purchasing Managers Index (PMI) for manufacturing and non-manufacturing activities stood at 52.9 and 54.2 index points in May and June 2017, respectively from 52.7 and 52.5 index points in May 2017, indicating an expansion for the third consecutive month. Similarly, the Composite Index of Economic Activities (CIEA) rose from 55.85 to 59.50 index points between April and June 2017. The Committee noted the continuous positive effects of improved foreign exchange management on the performance of manufacturing and other economic activities. Non-oil real GDP grew by 0.72 per cent in Q1 2017, reflecting growth in the agricultural sector by 0.77 per cent in the same period. Provisional data also showed that the external sector remained resilient in Q2 2017, as the overall Balance of Payments (BOP) position recorded a surplus of US$0.65 billion, equivalent to 0.8 per cent of GDP. The Committee hopes that the implementation of the 2017 budget and the Economic Recovery & Growth Plan (ERGP) will further strengthen growth and stimulate employment.

Developments in Money and Prices

The Committee noted that money supply (M2) contracted by 7.33 per cent in June 2017, annualized to a contraction of 14.66 per cent, in contrast to the provisional growth benchmark of 10.29 per cent expansion for 2017. The development in M2 reflected a contraction of 7.45 per cent in net foreign assets (NFA) in June 2017. Similarly, M1 contracted by 7.98 and 10.70 per cent in May and June 2017, respectively, consistent with the directive of the MPC that expansion in narrow money should be controlled. On the other hand, net domestic credit (NDC) grew modestly by 1.02 per cent in June 2017, (annualized at 2.04 per cent), driven mainly by net credit to government, which grew by 5.91 per cent. Credit to the private sector, however, declined relative to end-December 2016 by 0.02 per cent. The MPC noted the widening fiscal deficit of N2.51 trillion in the first half of 2017 and the growing level of government indebtedness and expressed concern about the likely crowding out effect on private sector investment. The constrained growth in the monetary aggregates provides evidence of weak financial intermediation in the banking system arising from the constraints imposed by developments in the macroeconomy.

Headline inflation (year-on-year) declined for the fifth consecutive month in June 2017, to 16.10 per cent from 16.25 per cent in May, and 18.72 per cent in January 2017. Core inflation moderated to 12.50 per cent in June from 13.00 per cent in May 2017 while the food index rose marginally to 19.91 per cent in June from 19.27 per cent in May 2017. This development was traced to intermittent attacks by herdsmen on farming communities, sporadic terrorist attacks in the North-East and other seasonal farming effects. The Committee was particularly concerned about the unabating pressure from food inflation but hopeful that the situation will dampen in the third quarter as harvests begin to manifest.

The Committee also attributed the moderation in inflation to be partly due to the effects of the relative stability in the foreign exchange market, stemming from improved management, which promoted increased inflows. Against this backdrop, the Committee reiterated its commitment to sustain and deepen flexibility in the foreign exchange market to further enhance foreign exchange flow in the economy. The Committee, however, noted the protracted effects of high energy and transportation costs as well as other infrastructural constraints on consumer price developments and expressed hope that government will fast-track its reform agenda to address these legacy issues. The Committee noted that while responding to the current tight monetary policy stance, inflation still had a strong base effect which is expected to wane by August 2017.

Money market interest rates moved in tandem with the high level of liquidity in the banking system. The interbank call rate opened at 16.13 per cent on May 25, 2017 and closed at 4.43 per cent on June 29, 2017. However, the average inter-bank call rate during the period stood at 12.49 per cent. The movement in the net liquidity position reflected the effects of OMO, foreign exchange interventions, statutory allocation to state and local governments, and maturity of CBN Bills.

The Committee noted the improvements in the equities segment of the capital market as the All-Share Index (ASI) rose by 33.33 per cent from 25,516.34 on March 31, 2017, to 34,020.37 on July 21, 2017. Similarly, Market Capitalization (MC) rose by 32.84 per cent from N8.83 trillion to N11.73 trillion during the same period. Relative to end-December 2016, capital market indices rose by 26.59 and 26.81 per cent, respectively, reflecting growing investor confidence due to improvements in foreign exchange management. The Committee however, noted the seeming bubble in the capital market and cautioned on the utilization of the inflows.

Total foreign exchange inflows through the Central Bank of Nigeria (CBN) increased by 35.41 per cent in June 2017 compared with the previous month. Total outflows, on the other hand, decreased by 12.73 per cent during the same period, as a result of reduced CBN intervention in the interbank foreign exchange market, which also reduced TSA (dollar) payments balances by 61.4 per cent in the period under review. The positive net flows resulted in an improvement of gross external reserves to $30.30 billion at end-June 2017, compared with $29.81 billion at end-May 2017.

The Committee noted the emerging convergence between the bureau-de-change (BDC) and Nigeria Autonomous Foreign Exchange (NAFEX) segment rates and the stability of the average naira exchange rate at the inter-bank segment of the foreign exchange market during the review period.

2.0. Overall Outlook and Risks

Available forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year. The Committee cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain it. Thus, the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economy-wide non-oil exports, especially agriculture, manufacturing, services and light industries, all expected to drive the growth impetus for the rest of the year must be pursued relentlessly. The Committee expects that timely implementation of the 2017 Budget, improved management of foreign exchange, as well as security gains across the country, especially, in the Niger Delta and North Eastern axis, should be firmly anchored, to enhance confidence and sustainability of economic recovery.

The Committee identified the downside risks to this outlook to include weak financial intermediation, poorly targeted fiscal stimulus and absence of structural programme implementation.

3.0. The Considerations of the Committee

Notwithstanding the improved outlook for growth, the Committee assessed the implications of the uncertainties arising from the continued normalization of monetary policy by the US Fed and the implications of a strong dollar, the weak recovery of commodity prices, and the uncertainty of US fiscal policy. The Committee similarly evaluated other challenges confronting the domestic economy and the opportunities for achieving economic growth and price stability in 2017.

The Committee expressed satisfaction with the gradual but consistent decline in inflationary pressures in the domestic economy, noting its substantial base effect, continuous improvements in the naira exchange rate across all segments of the foreign exchange market, and considerable signs of improved investments inflows. The Committee welcomed the move by the fiscal authorities to engage the services of asset-tracing experts to investigate the tax payment status of 150 firms and individuals in an effort to close some of the loopholes in tax collection, towards improving government revenue. However, the Committee expressed concern about the slow implementation of the 2017 Budget and called on the relevant authorities to ensure timely implementation, especially, of the capital portion in order to realize the objectives of the Economic Recovery and Growth Plan.

The MPC believes that at this point, developments in the macroeconomy suggest two policy options for the Committee: to hold or to ease the stance of monetary policy.

Against the backdrop of the outlook for the domestic and global economy; the enthusiasm around the base-effect which reduced inflationary pressures and the continuous relative stability in the naira exchange rate, there is need to maintain cautious optimism, given the potential ramification of a major deviation from the existing policy path. The Committee is not unmindful of the high cost of capital and its implications on the still ailing economy, which arguably necessitates an accommodating monetary policy stance. The MPC also noted the liquidity surfeit in the banking system and the continuous weakness in financial intermediation, but agreed on the need to support growth without jeopardizing price stability or upsetting other recovering macroeconomic indicators, particularly the relative stability in the foreign exchange market.

The MPC thinks that easing at this point would signal the Committee’s sensitivity to growth and employment concerns by encouraging the flow of credit to the real economy. It would also promote policy consistency and credibility of its decisions. Also, the Committee observed that easing at this time would reduce the cost of debt service, which is actually crowding out government expenditure. The risks to easing however, would show in terms of upstaging the modest stability achieved in the foreign exchange market, the possible exit of foreign portfolio investors as well as a resurgence of inflation following the intensified implementation of the 2017 budget in the course of the year. The Committee also reasoned that easing would further pull the real interest rate down into negative territory.

The argument for holding is largely premised on the need to safeguard the stability achieved in the foreign exchange market, and to allow time for past policies to work through the economy. Specifically, the MPC considered the high banking system liquidity level; the need to continue to attract foreign investment inflow to support the foreign exchange market and economic activity; the expansive outlook for fiscal policy in the rest of the year; the prospective election related spending which could cause a jump in system liquidity, etc.

The MPC expressed concern over the increasing fiscal deficit estimated at N2.51 trillion in the first half of 2017 and the crowding out effect of high government borrowing. While urging fiscal restraint to check the growing deficit, the Committee welcomed the proposal by government to issue sovereign-backed promissory notes of about N3.4 trillion for the settlement of accumulated local debt and contractors arrears. The Committee, however, advised the Management of the Bank to monitor the release process of the promissory notes to avoid an excessive injection of liquidity into the system thereby offsetting the gains so far achieved in inflation and exchange rate stability.

On the outlook for financial system stability, the Committee noted that, in spite of the resilience of the banking sector, the prolonged weak macroeconomic environment has continued to impact negatively on the sector’s stability. The MPC reiterated its call on the Bank to sustain its intensive surveillance of deposit money banks’ activities for the purpose of promptly identifying and addressing vulnerabilities. The Committee also called on the DMBs to support economic recovery and growth by extending reasonably priced credit to the private sector.

4.0. The Committee’s Decisions

In consideration of the headwinds confronting the domestic economy and the uncertainties in the global environment, the Committee decided by a vote of 6 to 2 to retain the Monetary Policy Rate (MPR) at 14.0 per cent alongside all other policy parameters. Consequently, 6 members voted to retain the MPR and all other parameters at their current levels while two members voted to ease the stance of monetary policy. In summary, the MPC decided to:

(i) Retain the MPR at 14 per cent;
(ii) Retain the CRR at 22.5 per cent;
(iii) Retain the Liquidity Ratio at 30.00 per cent; and
(iv) Retain the Asymmetric corridor at +200 and -500 basis points around the MPR.


Thank you for listening.
Godwin I. Emefiele
Governor, Central Bank of Nigeria
25th July, 2017



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...Read more   20-01-2018
Former US CFTC Chair Speaks on the Pros and Cons of Derivatives Trading
...Read more   19-01-2018
NSE Reviews 2017 Market Performance and Gives Outlook for 2018
...Read more   17-01-2018
Union Bank Lists Additional 12.1billion Shares from Rights Issues
...Read more   17-01-2018
7UP Shares Goes on Full Suspension as Voluntary Delisting Beckons
...Read more   17-01-2018
MEDVIEWAIR Appoints Edmund Abayomi, Odigboh Uzoh as Non-Executive Directors
...Read more   17-01-2018
Beta Glass Announces Resignation of George Papachristou as Director
...Read more   12-01-2018
Pharma Deko Schedules Board Meeting to Consider Dividend Payment
...Read more   12-01-2018
CONTINSURE Schedules Board Meeting to Consider Dividend Payment
...Read more   12-01-2018
Sterling Bank Appoints Abubakar Suleiman as New CEO; Predecessor Steps down March 31st, 2018
...Read more   11-01-2018
VITAFOAM Secures N2billion BOI Loan at 12% Interest
...Read more   31-12-1969
7UP Controlling Shareholder Steps Up Bid for Minority Shares to N125 per Share
...Read more   11-01-2018
CGRS Steering Board to Certify Directors and Companies on January 19
...Read more   11-01-2018
Law Union & Rock Appoints Kunle Aluko as Non-Executive Director
...Read more   09-01-2018
Morison Industries to Announce Result of Rights Issue
...Read more   09-01-2018
Honeywell Flour Announces Resignation of Soji Akintayo from its Board
...Read more   09-01-2018
ETRANZACT Announces Resignation of Felix Ohiwerei from its Board
...Read more   09-01-2018
VITAFOAM Declares 15kobo Dividend for Full Year Ended 30 Sept, 2017
...Read more   08-01-2018
GUARANTY Board to consider Audited Accounts & Dividend on January 24, 2018
...Read more   08-01-2018
Flour Mills of Nigeria to Undertake N39.8bn Rights Issue at N27 per share
...Read more   08-01-2018
Equity Assurance Plc to Restate 2016 Financial Statement by Order of FRCN
...Read more   05-01-2018
Unity Bank Announces the Retirement of Aisha Abraham
...Read more   05-01-2018
ACCESS Appoints Adeolu Bajomo as ED, Information Technology & Operations
...Read more   05-01-2018
2018 Outlook: Will Nigerian Stocks sustain the rally in 2018?
...Read more   04-01-2018
AXA Mansard Appoints Ngozi Ola-Israel as Chief Financial Officer
...Read more   29-12-2017
Union Bank Records 120% Subscription on Rights Issue
...Read more   28-12-2017
AXA Mansard Appoints Yomi Onifade as Executive Director
...Read more   28-12-2017
NSE Announces the Inauguration of the CGRS Steering Board
...Read more   21-12-2017
DMO Lists $300m Diaspora Bonds and $3bn Eurobonds on NSE
...Read more   21-12-2017
NSE Invites Comments on the Draft Rules for Derivative Market
...Read more   22-12-2017
ZENITHBANK Appoints Two New EDs and One Independent NED
...Read more   22-12-2017
Union Bank Announces Changes to its Board of Directors
...Read more   22-12-2017
CADBURY Announces the Resignation of Charles Nelson as a Director
...Read more   22-12-2017
2017 Year End NSE Index Review; Likely Incoming & Exiting Companies
...Read more   15-12-2017
Custodian and Allied Plc Changes Ticker to CUSTODIAN
...Read more   15-12-2017
Stanbic IBTC Asset Management Lists 7 New Funds
...Read more   15-12-2017
Trans-nationwide Express Announces the Resignation of two NEDs
...Read more   15-12-2017
Oando Releases Official Statement on Commencement of SEC Forensic Audit
...Read more   15-12-2017
LASACO Announces the Resignation of kike Kasim as Director
...Read more   14-12-2017
Honeywell Flour Mills Appoints Sikiru Rufai as Non Executive Director
...Read more   14-12-2017
International Breweries Lists 5.3bn Shares from Merger with Intafact & Pabod
...Read more   14-12-2017
Dangote Cement, Stanbic IBTC Emerge Winners of 2017 NSE CEO Awards
...Read more   14-12-2017
Dangote Cement Appoints Viswanathan Shankar as Non Executive Director
...Read more   13-12-2017
WAPCO Appoints Adewunmi Alode as Company Secretary
...Read more   13-12-2017
UBN Lists Additional 51million Shares from LTTIP
...Read more   11-12-2017
Nigerian Breweries Makes Board and Top Management Changes
...Read more   11-12-2017
LIVESTOCK Appoints Solomon Aigbavboa as New Managing Director
...Read more   11-12-2017
CAP Plc Appoints Oluwakemi Ogunnubi as Managing Director, Abdul Bello as NED
...Read more   11-12-2017
UAC of Nigeria Appoints Omolara Elemide, Adenium Folasade as ED and CFO
...Read more   11-12-2017
Resort Savings & Loans Appoints Kolawole Adesina as ED/Chief Operating Officer
...Read more   11-12-2017
PORTPAINT Appoints Adedamola Olusunmade as New Managing Director
...Read more   11-12-2017
FLOURMILL Seeks Approval for Rights Issue of 1.48bn shares
...Read more   08-12-2017
JBERGER Appoints Martin Brack as Financial Director
...Read more   07-12-2017
NEIMETH Appoints Roseline Oputa as Executive Director
...Read more   06-12-2017
SEC Reiterates Stance to Conduct Forensic Exercise on Oando Plc
...Read more   06-12-2017
ACCESS Appoints Hadiza Ambursa as Executive Director
...Read more   05-12-2017
TRANSCOHOT Announces the Resignation of Baba Mohammed as Board Member
...Read more   05-12-2017
UNITYBNK Appoints Hafiz Mohammed Bashir as Non-Executive Director
...Read more   05-12-2017
SIM Capital Alliance Value Fund to declare Distribution, AGM Holds 19th December
...Read more   04-12-2017
MEDVIEWAIR to Commence Scheduled Flights to Dubai on 7th December
...Read more   04-12-2017
EQUITYASUR Appoints EDC Registrars Ltd as New Registrar
...Read more   04-12-2017
UnityKapital Assurance Appoints Olanrewaju Rotimi as Chief Financial Officer
...Read more   04-12-2017
UPDCREIT Proposes 44kobo Interim Dividend for Period Ended 30 Sept. 2017
...Read more   04-12-2017
SIMCAPVAL Proposes N10 Dividend per Unit for Full Year Ended 30 June 2017
...Read more   04-12-2017
OANDO Relocates Head Office to Ozumba Mbadiwe
...Read more   04-12-2017
SEC: Abdul Zubair Takes Over as Acting Director General
...Read more   04-12-2017
7UP Majority Shareholder to Acquire 26.78% Stake Owned by Other Shareholders
...Read more   30-11-2017
NSE CEO, Ezekwesili echo Importance of Financial Literacy as Gbenjo Olasubomi Emerges Winner of 2017 Essay Competition
...Read more   30-11-2017
Sterling Bank Announces the Retirement of Lanre Asesanya as Executive Director
...Read more   29-11-2017
Universal Insurance to Hold AGM on 13th December, 2017
...Read more   29-11-2017
Global Spectrum Energy Services Lists on the NSE
...Read more   28-11-2017
WHAT YOU NEED TO KNOW ABOUT THE DAILY OFFICIAL LIST OF THE NSE
...Read more   27-11-2017
UNIONDICON Restructures as Col. (Rtd) Henry Mgbemena Reverts to the Role of MD
...Read more   27-11-2017
WAPCO Lists Additional 85million shares Issued to Shareholders of Ashaka Cement
...Read more   24-11-2017
NB: Board to Meet December 8th to Consider Changes in its Composition
...Read more   24-11-2017
WAPCO Opens Rights Issue today; to close 15th December, 2017
...Read more   24-11-2017
CILEASING Appoints Alexander O. Mbakogu as Executive Director
...Read more   24-11-2017
MORISON Opens Rights Issue today; to close 5th January 2018
...Read more   24-11-2017
Business Headlines Today - November 24
...Read more   24-11-2017
AFRINSURE Schedules 49th AGM for December 13th, 2017
...Read more   23-11-2017
FCMB Concludes Acquisition of 88.2% Stake in Legacy Pensions
...Read more   22-11-2017
MRS: Dahiru Barau Mangal and his Alternate Resigns as Directors
...Read more   22-11-2017
TRANSEXPR Lists 270million Additional Shares from Rights Issue
...Read more   17-11-2017
UNILEVER Lists 1.9bn Additional Shares from Rights Issue
...Read more   17-11-2017
SCOA Reschedules its 49th Annual General Meeting to 14th December
...Read more   16-11-2017
BETAGLAS Appoints Seun Oni as Independent Non-Executive Director
...Read more   15-11-2017
UAC of Nigeria Plc Opens Rights Issue at N16; to close 22nd December
...Read more   15-11-2017
NSE Upgrades Website for Better Online ExperienceR03;
...Read more   14-11-2017
MORISON Opens Rights Issue at 60k per share; to close 19th December
...Read more   15-11-2017
DIAMONDBNK Appoints Christopher Ubosi as Non-Executive Director
...Read more   08-11-2017
COURTVILLE: Rotimi Olaoye Retires as Deputy Managing Director
...Read more   07-11-2017
NSE Announces Changes in its Executive Management
...Read more   07-11-2017
TRANSCORP Appoints Chinweugo Nwafor as Head, Internal Audit
...Read more   06-11-2017
DIAMONBNK to Divest its 97.07% Stake in Diamond Bank S.A
...Read more   03-11-2017
ACCESS Announces Resignation of Ojinika Olaghere as Executive Director
...Read more   03-11-2017
NNFN Appoints KPMG, Ahmed Zakari & Co as Joint External Auditors
...Read more   03-11-2017
NAHCO Appoints Idris Yakubu as Managing Director / CEO
...Read more   03-11-2017
SEC: Invite to 2nd Budget Seminar; Holds 10th November
...Read more   03-11-2017
EVANSMED: Chief Lawrence Anga Resigns from its Board Director
...Read more   02-11-2017
MANSARD Proposed 150-bed Hospital Project to Cost N28billion
...Read more   02-11-2017
WAPCO to Raise N131.65billion via Rights Issue
...Read more   02-11-2017
MBENEFIT Opens N2billion Rights Issues at 1 for 2
...Read more   02-11-2017
AFRIPRUD Appoints Emmanuel Nnorom as a Non-Executive Director
...Read more   01-11-2017
AFRIPRUD Appoints Joseph Onyinye Jibunoh as Company Secretary
...Read more   01-11-2017
GUINEAINS Appoints Samuel Onukwe, Oluwole Fayemi as Directors
...Read more   31-10-2017
CAPHOTEL Appoints Helen Da-Souza as Director
...Read more   31-10-2017
ETRANZACT Announces Resignation of Adeyinka Asekun as Director
...Read more   30-10-2017
ETI Announces Successful Raising of USD 400 million Convertible Debt
...Read more   26-10-2017
MSCI Nigeria Indexes to Remain in the MSCI Frontier Markets Indexes
...Read more   27-10-2017
GUINNESS to List Additional 684,494,631 shares for Rights Issue
...Read more   26-10-2017
Union Bank Updates Market on 12,133,646,995 Rights Issue
...Read more   27-10-2017
Sports Headlines Today - October 27
...Read more   27-10-2017
MEDVIEWAIR Commences Flight to Abidjan, Conakry & Dakar
...Read more   26-10-2017
CONTINSURE Appoints Steve Murphy as Non-Executive Director
...Read more   26-10-2017
UNITYBNK Appoints Aminu Babangida as Board Chairman
...Read more   26-10-2017
FCMB Notifies the Market of Inability to File Q3’Result as at When Due
...Read more   26-10-2017
OANDO Provides Detailed Response to SEC Findings
...Read more   25-10-2017
OANDO Reacts to SEC Suspension; Obtains Court Injunction to Restrain Parties
...Read more   25-10-2017
JAPAULOIL Appoints Akinloye Oladapo as Acting Group Managing Director
...Read more   24-10-2017
Board Shake Up : CONOIL Unveils Acting MD, Director of Finance & Fin-Controller
...Read more   24-10-2017
UNILEVER Appoints Chika Nwobi as Non Executive Director
...Read more   24-10-2017
FCMB to acquire Legacy Pension Managers Limited
...Read more   23-10-2017
OANDO Now on Technical Suspension; No Price Change for Executed Trades
...Read more   23-10-2017
EVANSMED Goes into Receivership as Lenders Serve Takeover Notice
...Read more   20-10-2017
UAC of Nigeria to List Rights Issue of 960,432,193 Ordinary Shares
...Read more   20-10-2017
OANDO: Update on Suspension of Trading in the Shares
...Read more   20-10-2017
INTBREW Receives Shareholders Approval to Proceed with Proposed Merger
...Read more   19-10-2017
DANGCEM CEO to Step Down, as Engr J.O Makoju Becomes Acting MD/CEO
...Read more   19-10-2017
OANDO Responds to Suspension from NSE
...Read more   19-10-2017
NSE Donates School to Help Internally Displaced Persons in Borno State
...Read more   18-10-2017
SEC Circular to the General Public on Oando Plc
...Read more   18-10-2017
NSE Suspends Oando Plc on SEC Directive
...Read more   18-10-2017
CCNN Postpones AGM to 9th November
...Read more   17-10-2017
CUTIX Proposes 18kobo Dividend per Share for Full Year Ended 30 April 2017
...Read more   13-10-2017
NSE lifts Suspension on African Alliance Insurance Plc
...Read more   13-10-2017
NSE Lifts Suspension on Thomas Wyatt Nigeria Plc
...Read more   13-10-2017
FIDELITYBK Note Holders Tenders USD255.5m for Cash Offer
...Read more   12-10-2017
MEDVIEWAIR Extends Operations to Dubai & Francophone Countries
...Read more   12-10-2017
ETI Appoints Monish Dutt as Director as others Retires
...Read more   12-10-2017
NEIMETH Announces the Resignation of Godfrey Ohuabunwa as Director
...Read more   11-10-2017
Equity Assurance Plc Appoints Taizir Ajala as Independent Director
...Read more   11-10-2017
FLOURMILL to Raise N110billion Additional Funds in Equity & Debt
...Read more   10-10-2017
SEC Schedules 3rd Capital Market Committee Meeting for November 9th
...Read more   09-10-2017
NSE Suspends Four Listed Companies for Failure to File Accounts
...Read more   06-10-2017
STDINSURE Lists Additional 917,857,136 ordinary shares
...Read more   06-10-2017
UBA Cancels 2million Employee Shares
...Read more   06-10-2017
DANGCEM Dumps Acquisition of PPC of South Africa
...Read more   06-10-2017
GUINNESS Schedules Board Meeting for October 25th
...Read more   06-10-2017
WEMABANK to Hold EGM to Undo its Negative Retained Earnings
...Read more   06-10-2017
United Capital Appoints Odiri Oginni as Acting Chief Finance Officer
...Read more   06-10-2017
RESORTSAL Appoints Senator Sunday O. Fajinmi as Board Chairman
...Read more   05-10-2017
RESORTSAL Appoints Olayemi Rabiu as Managing Director
...Read more   05-10-2017
FBNH Appoints Company Secretary, Investor Relations Head & ED for FBN Insurance
...Read more   05-10-2017
NSE MDW2017: Stakeholders Stresses the Importance of Market Data
...Read more   04-10-2017
GUARANTY Appoints Victoria Osondu Adefala as Independent Non-Executive Director
...Read more   04-10-2017
GUARANTY Announces Final Result of USD400m Cash Tender Offer
...Read more   04-10-2017
SEPLAT Gives Notice of Close Period
...Read more   04-10-2017
NSE CEO Receives Professional Excellence Award
...Read more   04-10-2017
JAIZBANK Appoints AbdulFattah Amoo as Executive Director, Operations and CFO
...Read more   29-09-2017
DANGSUGAR Appoints Etim Bassey as Acting Chief Finance Officer
...Read more   29-09-2017
WAPCO Appoints KPMG as External Auditors
...Read more   28-09-2017
NESTLE Appoints Jagdish Kumar Singla as Director, Finance and Control
...Read more   03-10-2017
ETI Appoints Advisers for its Proposed $400M Convertible Bond
...Read more   29-09-2017
FIDELITYBK Gives Notice of its Intention to Launch US500m Unsecured Debt
...Read more   28-09-2017
Consolidated Hallmark Insurance to Open N500m Rights Issue on 16th October
...Read more   28-09-2017
WAPCO to Merge Unicem & Atlas as New Subsidiaries to the Group
...Read more   27-09-2017
CWG Signs Contract with Enugu State Government for Online Gaming & Lottery Operations
...Read more   27-09-2017
SEC Releases Decision in Respect of Officials of Partnership Investment Plc
...Read more   26-09-2017
NSE Elects New Council Members, Votes Ogunbanjo as President
...Read more   26-09-2017
NSE Holds 56th Annual General Meeting
...Read more   25-09-2017
ENAMELWA Increases Outstanding Shares by 12,672,000units via Bonus Issue
...Read more   25-09-2017
AVON Delists Voluntarily from the Nigerian Stock Exchange
...Read more   25-09-2017
GUARANTY Announces Early Repurchase of US400million Debt
...Read more   25-09-2017
NEWREST Disposes its Interest in ASL Rwanda Limited
...Read more   25-09-2017
BETAGLAS Appoints Ernst & Young as New Auditor to Replace PWC
...Read more   21-09-2017
UBN Opens Rights Issue Today at N4.10; to close 30th October
...Read more   20-09-2017
FO Receives SEC Approval for Proposed Offering via Book Building
...Read more   19-09-2017
NSE Conducts Investor Clinic on Dematerialisation, Direct Cash Settlement and E-Dividend
...Read more   19-09-2017
VETIVA S&P Declares N2.50 per Unit for Half Year Ended 30 June 2017
...Read more   15-09-2017
ENAMELWA Proposes 1 for 5 Bonus for Full Year Ended 30 April 2017
...Read more   15-09-2017
UNIONDICON Resumes Trading in Shares as NSE Lifts Suspension
...Read more   15-09-2017
FORTISMFB Resumes Trading on the Exchange following Lifting of Suspension
...Read more   15-09-2017
MULTITREX to Reopen Factory as Negotiation with AMCON Improves
...Read more   15-09-2017
STANBIC Shareholders to Convert 60k Interim Dividend to shares at N39.45
...Read more   14-09-2017
DANGCEM Initiates Move for the Acquisition of PPC Limited of South Africa
...Read more   14-09-2017
International Breweries Changes Financial Year End from March to December
...Read more   13-09-2017
OANDO Releases Outcome of 40th AGM as CEO Assures Shareholders of Aggressive Debt Reduction
...Read more   12-09-2017
GUINNESS Appoints Mark Sandys as Non-Executive Director
...Read more   11-09-2017
PZ Proposes 50kobo Dividend per Share for Full Year Ended 31 May 2017
...Read more   08-09-2017
GUINNESS Proposes 64kobo Dividend per Share for Full Year Ended 30 June 2017
...Read more   07-09-2017
OANDO Gets SEC Approval to Hold AGM as Scheduled Despite Investigation
...Read more   07-09-2017
LAWUNION Appoints Olasupo Sogelola as Executive Director, Operations & Technical
...Read more   06-09-2017
BETAGLAS Appoints Dr. Zulikat Wuraola Abiola as Non-Executive Director
...Read more   06-09-2017
ETI Signs 5-year Senior Unsecured Loan Facility of USD250m
...Read more   05-09-2017
NSE Suspends Trading on the Shares of Avon Crowncaps & Containers Plc
...Read more   31-08-2017
PRESTIGE Applies for Share Reconstruction; to Wipe-Out N776.5m Retained Losses
...Read more   30-08-2017
NSE Launches a state-of-the art Data Centre
...Read more   30-08-2017
STANBIC Offers Shareholders Option of Cash or Scrip Dividend till 2020
...Read more   30-08-2017
International Breweries Secures SEC Approval for Scheme of Merger
...Read more   30-08-2017
STANBIC Proposes 60kobo Interim Dividend for Half Year Ended June 2017
...Read more   29-08-2017
UNITYKAP Appoints Polycarp O. Didam as Managing Director/CEO
...Read more   29-08-2017
MRS Switches to First Registrars and Investor Services
...Read more   28-08-2017
UBN Proposes Rights Issue of 12,133,646,995 Ordinary Shares
...Read more   28-08-2017
OANDO Names Petitioners in Ongoing SEC Investigation
...Read more   28-08-2017
AVONCROWN Submits Scheme of Arrangement to Delist from NSE
...Read more   28-08-2017
MORISON Proposes Rights Issue of 836,983,125 Ordinary Shares at 60k
...Read more   28-08-2017
Consolidated Hallmark Insurance Proposes N500m Rights Issue
...Read more   28-08-2017
TRANSEXPR Encourages Shareholders to take Rights as Offer Closes August 30
...Read more   25-08-2017
PAINTCOM Submits Scheme of Arrangement to Delist
...Read more   25-08-2017
UBA Proposes 20Kobo per Share Interim Dividend
...Read more   24-08-2017
ACCESS Declares 25Kobo per Share Interim Dividend
...Read more   23-08-2017
CAVERTON Wins 5-year Helicopter Service Contract from Chevron
...Read more   18-08-2017
UBN, TRANSCOHOT among Quoted Companies with Free Float Deficiencies
...Read more   18-08-2017
ZENITHBANK Announces the Retirement of Olusola Oladipo as Board Member
...Read more   17-08-2017
GUARANTY Declares 30kobo Interim Dividend; to Pay September 5th
...Read more   15-08-2017
ZENITHBANK Declares 25kobo Interim Dividend; to Pay August 25th
...Read more   10-08-2017
HONYFLOUR Unifies Brands under a New Masterlogo
...Read more   10-08-2017
AIICO Opens Capital Raising Talks with an Investor
...Read more   10-08-2017
GUINNESS Appoints Leo Breen as Non-Executive Director as Two Others Resigns
...Read more   10-08-2017
FO Clarifies Rumour on Strategic Partnership with Local Refineries
...Read more   10-08-2017
ETI Appoints Eric Odhiambo as Chief Risk Officer
...Read more   09-08-2017
MOBIL Changes Name to 11 Plc (“Double One Plc”)
...Read more   08-08-2017
FO Offers 20billion Shares for Subscription via Book Building
...Read more   07-08-2017
WAPCO Board Approves Scheme of Merger with Unicem and Atlas
...Read more   04-08-2017
SCOA Announces the Resignation of Chief Odunayo Olagundoye as Director
...Read more   31-12-1969
DIAMONDBNK Announces the Retirement of Ian Greenstreet
...Read more   03-08-2017
VITAFOAM Fortifies Board with three Independent & Non-Executive Directors
...Read more   02-08-2017
ETI Co-Opts Brian Kennedy and David O’Sullivan as New Directors
...Read more   02-08-2017
REGALINS Appoints Baba Gana Kingibe as Board Chairman
...Read more   01-08-2017
TRANSCORP Appoints Mutiu A. Bakare as Chief Financial Officer
...Read more   01-08-2017
TOTAL Clarifies Allegation of Indebtedness to NNPC
...Read more   01-08-2017
UACN Appoints Abdul Bello as CEO Designate; to Replace Outgoing CEO
...Read more   26-07-2017
NCR Appoints Louise Georgiou as a Non-Executive Director
...Read more   26-07-2017
LIVESTOCK Appoints Bolanle Oyekan as Company Secretary
...Read more   31-12-1969
List of Stocks Raising Fresh Capital Via Right Issue
...Read more   24-07-2017
Press Release: UBA Cancels Staff Share Investment Trust Scheme
...Read more   19-07-2017
FLOURMILL Increases Stake in Rom Oil to 95%
...Read more   17-07-2017
OANDO Responds to News on SEC Investigation & Financial Malpractice
...Read more   14-07-2017
NSE Lifts Suspension on Sovereign Trust Insurance
...Read more   11-07-2017
Notification of Suspension of trading in the shares of seventeen (17) Listed Companies Dealing members
...Read more   05-07-2017
ACCESS Board to Meet on July 26; to Consider Interim Dividend
...Read more   04-07-2017
WAPCO Appoints Edith Onwuchekwa as Acting Company Secretary
...Read more   04-07-2017
STANBIC Appoints Professor Fabian Ajogwu as Independent Director
...Read more   04-07-2017
ASHAKACEM Delists from the Nigerian Stock Exchange
...Read more   04-07-2017
SEPLAT Extends $150m Revolving Credit Facility till 2018
...Read more   03-07-2017
SEC Commends DMO on the Proposed N100bn, 7 Year FGN Sukuk Debt Issuance
...Read more   20-07-2017
Extension of Deadline on Issuance of Dividend Warrants and Free e-Dividend Registration Exercise
...Read more   29-06-2017
UNILEVER Proposes Rights Issue to List 1.9Billion Shares
...Read more   29-06-2017
CHELLARAM Partners DMK Group on Diary Products
...Read more   30-06-2017
JBERGER Partners Petralon Energy; to Diversify into Oil & Gas Sector
...Read more   19-06-2017
NSE and Bloomberg Set to Host 3rd CEO Roundtable
...Read more   07-06-2017
INTBREW Proposes Merger with Intafact Beverages & Pabod Breweries
...Read more   06-06-2017
NSE Launches X-Academy to Bridge Knowledge Gap
...Read more   05-06-2017
NSE Delists of Four Listed Companies
...Read more   05-05-2017
NSE Automates Rights Trading and Settlement
...Read more   05-05-2017
SEC Releases Database of Unregistered Accounts for E-Dividend
...Read more   19-04-2017
NSE Propose Changes to Rules on REITs and Closed End Funds
...Read more   12-04-2017
MANSARD Announces Proposed Investment in Hospital Project with IFC
...Read more   12-04-2017
UBA Announces Closure of Register, Dividend Consideration for 2016
...Read more   11-01-2017
Core investor acquires Wema’s 75% stake in GNI
...Read more   26-08-2016
N5b capital market development fund coming
...Read more   26-08-2016
Stock market sinks further on FX suspension – New Telegraph Nigerian Newspaper
...Read more   26-08-2016
We are satisfied with Skye Bank’s performance, says CBN
...Read more   23-08-2016
How AG Leventis Plans to Reverse N494 Million H1 Loss
...Read more   03-08-2014
UAC Proper
...Read more   26-01-2013
UBA Capita
...Read more   26-01-2013
Multiverse
...Read more   26-01-2013
Business Headlines Today - March 26
...Read more   26-03-2018
Business Headlines Today - March 14
...Read more   14-03-2018
Business Headlines Today - March 8
...Read more   08-03-2018
Business Headlines Today - March 5
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CBN orders banks to freeze company accounts masking as individuals
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Hearing on weight loss scams
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PenCom Ide
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IFRS Enfor
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BDCs and the rocky road to sanitisation
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Skye Bank employees, group donate books to schools
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Skye Bank employees, group donate books to schools
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Finance
CUTIX Declares 20kobo Dividend, 1 for 1 Bonus for Year Ended 30 April 2018
...Read more   03-08-2018
CBN makes Further Clarification on FG Revenue Collection
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CBN Introduces eCCI to Enhance Efficient Foreign Capital Inflows
...Read more   14-09-2017
CBN Reviews Daily Transaction Limits for Mobile Money Wallet Holders
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SEC Warn Nigerians on Investments in Bitcoin, OneCoin and Others
...Read more   12-01-2017
Soludo backs Buhari’s emergency bill, proposes N19trn ‘anti-recession’ spending
...Read more   30-08-2016
CBN reserves fall to $19bn as non-oil exports drop by 43%
...Read more   30-08-2016
WorldRemit now at your service as CBN licenses 11 money transfer operators
...Read more   30-08-2016
Banks’ CEOs Intervene on Ban of Nine Banks from Forex Trading | THISDAYLIVE
...Read more   26-08-2016
UBA Assets Hit N3.3trn, Proposes N0.20 Dividend
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Banks’ bad loans rise to N649.63b – The Nation Nigeria
...Read more   10-08-2016
FirstBank, others clarify positions on forex sanction by CBN – Daily Post Nigeria
...Read more   08-08-2016
BREAKING: CBN Lifts Forex Ban On UBA As 8 Other Banks Remain Suspended
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CBN bans 9 banks from FX market for aiding NNPC’s TSA breach
...Read more   23-08-2016
CBN mandates banks to allocate 60% forex sale to manufacturers
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NAICOM Get
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Stockbroker docked over alleged N41m theft
...Read more   17-10-2012
Stockbroker docked over alleged N41m theft
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