Cbn nigeria news bdc

Here are some recent news updates from the Central Bank of Nigeria (CBN) and the Bankers' Committee (BDC) in Nigeria:

CBN News

  1. Monetary Policy Committee (MPC) Meeting: The CBN's MPC met on March 22-23, 2023, and decided to maintain the Monetary Policy Rate (MPR) at 15.5%. The committee also maintained the Cash Reserve Ratio (CRR) at 27.5% and the Liquidity Ratio at 30%.
  2. Inflation Rate: The CBN reported that Nigeria's inflation rate rose to 18.17% in February 2023, up from 17.15% in January 2023.
  3. Foreign Exchange Market: The CBN has been intervening in the foreign exchange market to stabilize the naira and maintain a stable exchange rate. The bank has been selling dollars to authorized dealers to meet demand and maintain a stable exchange rate.

BDC News

  1. BDCs to Operate 24/7: The Bankers' Committee has approved the operation of BDCs 24/7, effective March 1, 2023. This is aimed at improving the efficiency of foreign exchange transactions and reducing the cost of doing business.
  2. BDCs to Sell Dollars at Official Rate: The BDCs have been directed to sell dollars to customers at the official exchange rate of N415 to the dollar, effective March 1, 2023. This is aimed at reducing the spread between the official and parallel market exchange rates.
  3. BDCs to Maintain Records: The BDCs have been directed to maintain accurate records of all foreign exchange transactions, including the source of funds, the purpose of the transaction, and the identity of the customer.

Other News

  1. Nigeria's Economy: Nigeria's economy is expected to grow by 2.5% in 2023, according to the CBN's latest forecast. The economy is expected to recover from the impact of the COVID-19 pandemic and the effects of the Russia-Ukraine conflict.
  2. Fiscal Policy: The Federal Government has been implementing various fiscal policies aimed at stimulating economic growth and reducing inflation. These policies include increasing public spending, reducing taxes, and implementing a cashless policy.

I hope this information is helpful. Let me know if you have any further questions!