Nigeria’s central bank will preserve policy continuity and its inflation focus even with the removal of its governor Lamido Sanusi by the country’s president, a member of the monetary policy committee said. Turmoil in the markets since the decision was announced yesterday is an over-reaction “to the circumstances on the […]
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Nigeria’s forex, bond, money markets stop trading after cbank governor’s suspension
Nigeria’s forex, bond and money markets have all stopped trading because of uncertainty and volatility created by the central bank governor’s suspension, several dealers told Reuters on Thursday. “The market is frozen right now because no one wants to take position and the fact that the market was already short,” […]
Bank directors cautions CBN on CRR increase
The Bank Directors of Nigeria has expressed concern over the Central Bank of Nigeria’s recent increase in the Cash Reserve Ratio on public sector deposit from 50 per cent to 75 per cent. The directors, in a statement on Wednesday, observed that raising the ratio by 25 per cent just […]