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   Market Date: 19-11-2013   
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Money Market

  1. FBN, a subsidiary of FBN Holdings Plc, announces its acquisition of the W/African ops of ICB

    FIRSTBANK LTD (First Bank Commercial Banking Group or the Bank), a subsidiary of FBN Holdings Plc announces today that it has completed the acquisition of a 100% equity interest in ICB GHANA, ICB SIERRA LEONE, ICB GUINEA and ICB GAMBIA from INTERNATIO
  2. CBN Monetary Policy Committee: Beyond a pedestrian focus on personalities!

    The Monetary Policy Committee of the CBN was reconstituted following passage of the new Central Bank of Nigeria Act 2007 into law by the National Assembly. The committee is currently composed of 12 members with the CBN Governor serving as its Chairman.
  3. Union Bank of Nigeria Plc Announces CBN Approval of Compliance Plan

    Union Bank of Nigeria today reported to the Nigerian Stock Exchange that it has received from the Central Bank of Nigeria (CBN) the approval to go ahead with its plans for complying with CBN’s Regulation 3 on the Scope of Banking Activities and Ancillary
  4. Fed Proposes Stricter Liquidity Rules for Largest U.S. Banks

    The Federal Reserve moved to strengthen the ability of the largest banks to withstand periods of market stress, pushing them to hold additional levels of safe assets to fund their operations.
  5. How Profitable are Nigerian Banks?

    Financial Institutions such as banks form the core of a country’s financial system and as such healthy and profitable institutions help to build the economy, and strongly contribute to the stability and resilience of the entire financial system.
  6. Nigeria's Money Market and Monetary Policy Environment: Sept'13

    The outcomes of the monetary policy, in the first nine months of 2013, contrast with wider expectations. Despite the attendant risks that the expanding hot monies posed to policy stability in the last part of 2012, the stable foreign exchange and expectat
  7. Tier-1 Banks Not Keen in Acquiring Bridged Banks

    Indications have emerged that none of the nation's Tier 1 banks may show interest in the three banks being put for sale by the Assets Management Corporation of Nigeria (AMCON).
  8. Nigeria’s CBN Re-introduces RDAS: A Band Aid

    The central Bank of Nigeria recently suspended the Whole Sale Dutch Auction system, to be replaced with the Retail Dutch Auction System. In its circular dated September 26, the CBN also stated that the receipts of proceeds of international money trans-fer
  9. Nigerian Banks - Increasing Uncertainty Behoves Caution

    Please find below the synopsis of our sector report on Nigerian Banks (which you can download). Having distilled the impact of the new CBN cash reserve requirement, we estimate total FY13 after tax earnings erosion of N39billion across our 12 coverage ba
  10. MPC Maintains Status Quo, Analysts weigh in on Implications

    In line with market expectations, the monetary policy committee (MPC) voted 11:1 to maintain the current monetary policy stance at its meeting today.
  11. CBN Communiqué No. 91 of the MPC Meeting of Monday and Tuesday, Sept 23 and 24, 2013

    The Monetary Policy Committee met on September 23 and 24, 2013, with all of the 12 members in attendance. The Committee reviewed the economic conditions and challenges that confronted the domestic economy up to September, particularly since the last MPC m
  12. Pre-MPC Meeting - The MPC should choose to save the financial system

    The 50% cash reserve ratio (CRR) on public sector deposits, among other developments in the global and domestic financial systems, might have contributed to a massive liquidity squeeze in the interbank market.
  13. Wema Bank Plc refutes AMCON Take-over News

    Our attention has been drawn to a spurious publication in The Nation Newspaper of Wednesday, September 4, 2013 with the title, SEC set to okay AMCON's takeover of Wema Bank. The publication is also fraught with irregularities and misrepresentation of fa
  14. Banking Sector Update: Policy shift crystallizes regulatory risk

    At its 22-23 July 2013 meeting, the MPC resorted to hiking the Cash Reserve Ratio (CRR) on public sector deposits to 50% while leaving other monetary policy tools unchanged. The committee’s focus on the banking sector stemmed from concerns about the “the
  15. AFRINVEST scores CBN high for financial stability

    Five (5) years after the post-banking crisis in Nigeria that witnessed low confidence in the financial market, the story of how it has recovered from the hurt shows a positive sign that there is prospect for a sustainable growth.
  16. Afrinvest Special Report on Nigerian Banking Sector – July 2013

    We provide herewith an executive summary of the Afrinvest special report on the 2013 Nigerian Banking Sector Report. Needless to say, it summarizes in a rather unique way, a rating of the reform process for the first time, without losing sight of the most
  17. Electronic Payments and Economic Growth in Nigeria

    Nigeria is a large and growing country-2011 population of over 164million and population growth rate of 3.2%. Real GDP has grown at between 6-7% since 2007, with nominal and PPP GDP at $242bn and over $400bn respectively (CBN Annual Report, 2011). In 2012
  18. Mainstreet returns N23bn PAT, confident of prospects and peer positioning

    As Mainstreet Bank prepares for an AMCON disinvestment of its significant shares, the bank over the weekend announced a return to profitability of approx. N23billion off the back of a N48 billion group earnings. Recall that AMCON injected N 318 billion to
  19. Protecting the $Dollar against the Naira with CBN Reserves

    In the light of popular perception regarding the virtue of large reserves, it may seem incredible for anyone to suggest that the process of accumulating reserves by the Central Bank of Nigeria is actually the primary reason for a low value of the naira!
  20. Nigeria: IMF Technical Note on Stress Testing of Nigerian Banks

    This technical note on Stress Testing for Nigeria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it wa
  21. Will the MPR remain at 12%? …the need to keep yields attractive

    In line with expectations, the CBN, monetary policy committee retained the MPR at 12% following the deliberations of the May 20th/21st meeting. Beyond the emphasis on consistent price stability, the committee further highlighted other issues which they c
  22. MPC Now Predictable

    Once again, the Monetary Policy Committee (MPC) left the benchmark interest rate unchanged at 12%p.a. All other instruments for complementing monetary policy were untouched. A decline in GDP Growth Rate was not enough to move the votes in favour of MPR re
  23. AMCON Announces Sale of Shares in Enterprise, Keystone and Mainstreet Banks

    The Asset Management Corporation of Nigeria (AMCON) today announced the commencement of the final process leading to the full divestment of its shares in the fully owned AMCON banks (Enterprise, Keystone and Mainstreet Banks).
  24. Nigerian Banks FY12 Results: Who is the fairest of them all?

    In this report, we provide a comparative analysis of the FY12 results of fourteen Nigerian banks- Access, Diamond, Ecobank, FCMB, Fidelity, First Bank, Gtbank, Skye, Stanbic Ibtc, Sterling, UBA, Unity, UBN, and Zenith. As can be noted from our analysis, a
  25. Tier-2 Banks display growing risk appetite towards Real Sector Lending

    Banking, not savings backed services, remains the key drivers of the Nigerian economy, providing the needed liquidity for both families and businesses to invest for the future mainly through the process of mobilisation and lending.
  26. Nigerian Banks FY 2011 Income Statement/Balance Sheet Transparency Stress Test Result

    All of the banks in Nigeria have released their FY 2011 financial results. Thirteen listed banks have been assessed for this research article.
  27. Ahead of Monday’s MPC Meeting: Considerations and Policy Options

    The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to hold its second meeting for the year 2013 next week between Monday, March 18 and Tuesday, March 19, 2013. As usual, the MPC will consider the state of the global and d
  28. Implementation of the Nigerian Sustainable Banking Principles (NSBP) by the Bank

    The Bankers Committee as a commitment to sustainable development adopted the Nigerian sustainable banking principles and the accompanying three sector guidelines on Agriculture. Power and Oil & Gas in July 2012. The adoption of the Princip
  29. Banks slash current account charge to N3 …plan to reduce other charges

    The Bankers Committee has said Deposit Money Banks in the country have agreed to reduce all bank charges in order to enhance financial inclusion.
  30. CBN Communiqué of the MPC Meeting of 210113

    The Monetary Policy Committee (MPC) met on, January 21, 2013 with ten (10) out of the twelve (12) members in attendance. The Committee reviewed the domestic economic conditions in 2012 and the challenges therefrom against the backdrop of the internationa
  31. MPC Decision Greeted with a Yawn by Analysts

    The MPC left the monetary policy rate unchanged and stance on tractionary in spite of the slight decline in inflation.
  32. AMCON Audited Results 311212 – ‘Harm Averted is Benefit Unseen’

    The Asset Management Corporation of Nigeria (AMCON) announced its audited group financial results, for the full year ended 31 December 2011 (FY2011) recently.
  33. AMCON Renders a N2.37trn Loss

    The Asset Management Corporation of Nigeria (AMCON), on Friday, reported a N2.37 trillion loss after tax on Friday, three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis.
  34. Eurobond Yields Fall, As Sanusi Assures Of Reserves Stability

    Nigeria's Eurobond yields fell for the seventh day after the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, said the nation's financial system was not under threat from the withdrawal of speculative investments.
  35. Infrastructure Bank to issue N1.5bn right issues

    The Infrastructure Bank Plc has concluded plans to issue N1.5 billion right issues to its existing shareholders, opening from December 17 to January 28, next year.
  36. SGBN, Savannah Bank to get CBN loan

    The Central Bank of Nigeria (CBN) will give some loan facility to embattled Societe Generale Bank of Nigeria (SGBN) as well as Savannah Bank, to enable them effectively recapitalise and come back to business, BusinessDay can confirm.
  37. CBN Releases Revised Guideline for Power, Airline Fund

    The Central Bank of Nigeria (CBN) has said the refinancing of existing loans for captive power projects under its Power and Airline Intervention Fund (PAIF) for corporate entities that are not power companies will only be eligible, if the investments are
  38. CBN to soon stop Forex sales to bureau de change – Sanusi

    Mr. Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, said in Tokyo on Sunday that the bank would soon stop the selling of cash to bureaux de change.
  39. U.K. Unveils Plans For Libor Overhaul

    LONDON—A top British regulator is calling for a sweeping overhaul of the London interbank offered rate, removing it from the control of a banking-industry group, empowering U.K. authorities to penalize wrongdoers and phasing out some versions of the bench
  40. Banks Stopped from Lending to Otedola, Dantata, 417 Others

    In a move aimed at strengthening financial stability and instilling discipline in the banking sector, the Central Bank of Nigeria (CBN) has barred banks in the country from extending further credit to 113 companies and 419 directors/shareholders, includin

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