Money Market

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
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!
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
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
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
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).
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
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.
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.
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
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
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.
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
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.
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.
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.
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.
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.
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.
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
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.
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
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
Access Bank to reduce stake in Zambia OPCO to 49%

Access Bank Plc, Nigeria ?s fourth- biggest lender by market value, will cut to 49 percent its stake in its Zambian unit after the southern African country raised capital requirements, Chief Executive Officer Aigboje Aig- Imoukhuede said.
Citibank, RenCap Appointed Advisers for Nationalised Banks

Exactly one year after their nationalisation, the Asset Management Corporation of Nigeria (AMCON) has appointed Citibank Consortium and Renaissance Capital (RenCap) Consortium as financial advisers to Enterprise Bank Limited, Keystone Bank Limited and Mai
31 African Banks made Top 1000 amid frailty in currencies

While European banks count the cost of the Eurozone sovereign debt crisis, China is leading the emerging markets into a new era of banking dominance. Africa's response to managing its economies amid frailty in currencies allows it to make first entry at 1
CBN to hold MPC meeting July 23 – 24, 2012

The 227th meeting of the Monetary Policy Committee (MPC) is scheduled to hold on July 23rd - 24th, 2012 at the MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja .
CBN extends deadline for universal banking licence submission

The Central Bank of Nigeria has granted an extension for Deposit Money Banks to submit the licences granted to them under the universal banking model.
Nigerian Tier One Banks - Leading the Industry to Fulfil Promise

Despite the upheavals in the Nigerian banking industry which led to record write-downs and a costly bailout exercise, there has been no shortage on optimism even all through this period for Nigerian lenders.
CBN directive on Foreign Subsidiaries - Recapitalize or Divest

CBN has stopped Nigerian banks from recapitalising their foreign subsidiaries due to the pressure it places on the capital base of parent banks.
SGBN returns as HeritageBank

Embattled Societe Generale Bank Nigeria (SGBN) Limited is to commence operations under a new name, Heritagebank, following approval by the Central Bank of Nigeria (CBN), which says the bank has met the financial requirements for returning to business.
Change in CBN T-bill issuance profile: what gives?

The maturity structure of the CBN’s T-bill issuance programme underwent a fairly dramatic turn-around in May, with the apex bank suddenly opting to issue the bulk of its paper in short term (<91day) bills
Proposal for the Appointment of a Government Stockbroker

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), seeks to engage the services of a stockbroker to serve as the Government Stockbroker for Federal Government of Nigeria Securities (FGN Securities) listed (and to be li
GTBank, Zenith & First Bank: How the Valuations Stack Up?

The categorization of Nigerian banks into regional, national and international - based on their minimum capital base is generally seen as one of the CBN’s core strategies for repositioning the banking industry as well as strengthening bank operators for e
Kenya's Ecobank gets $25 million capital injection

Ecobank Kenya has received a $25 million capital injection from its parent company to help it expand and address the rising cost of financing locally due to high interest rates in the east Africa nation, the bank's Managing Director said on Wednesday.
Nigeria Skye Bank raises $100 million in bonds

Nigeria's Skye Bank has raised $100 million in debt from a multilateral institution at a floating coupon rate of 6.3 percent for seven-years to boost its capital, its chief executive Kehinde Durosinmi-Etti said on Thursday.
Moderating Aggregates highlight monetary tightening

The CBN recently released figures for monetary aggregates for March 2011. Broad money (M2) was restrained, rising 14% YoY to N13.3 trillion, and basically flat (-0.3%) year-to-date.
Nigeria's UBA may merge Zambian unit with rivals

Nigeria's United Bank for Africa (UBA) is considering merging its Zambian unit with one or more other local lenders to meet a new regulatory minimum capital of $100 million, its group chief executive said on Tuesday.
Banking Sector Outlook - CBN's new stress test as turning point

The Central Bank of Nigeria (CBN) has indicated that plans are underway to conduct another official appraisal of Nigerian banks before the end of 2012 as part of the Financial Sector Assessment Programme under a technical assistance programme provided by
Watching the Naira: Is the rebound sustainable?

Watching the Naira: Is the rebound sustainable?

Nigeria in 1min: Economic, Business & Financial Headlines - 061913

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