Central bank of nigeria latest news update

Here are the latest news updates from the Central Bank of Nigeria (CBN):

Recent Developments:

  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. The committee attributed the increase to the impact of the Russia-Ukraine conflict on global commodity prices.
  3. Foreign Exchange Market: The CBN has continued to intervene in the foreign exchange market to stabilize the naira. In February 2023, the bank sold $1.3 billion to authorized dealers to support the naira.
  4. Digital Currency: The CBN has launched a digital currency, eNaira, to promote financial inclusion and improve the efficiency of transactions. The eNaira is a central bank-issued digital currency that can be used for online transactions.
  5. Banking Sector Reforms: The CBN has introduced several reforms to improve the stability and efficiency of the banking sector. These reforms include the introduction of a new minimum capital requirement for banks and the implementation of a risk-based capital adequacy framework.

Upcoming Events:

  1. MPC Meeting: The next MPC meeting is scheduled for May 23-24, 2023.
  2. Inflation Report: The CBN will release its inflation report for March 2023 on April 14, 2023.
  3. Economic Outlook: The CBN will release its economic outlook for 2023 on April 28, 2023.

Recent Press Releases:

  1. CBN Intervenes in Foreign Exchange Market: The CBN has intervened in the foreign exchange market to stabilize the naira and maintain confidence in the economy. (March 17, 2023)
  2. CBN Launches eNaira: The CBN has launched a digital currency, eNaira, to promote financial inclusion and improve the efficiency of transactions. (March 1, 2023)
  3. CBN Introduces New Minimum Capital Requirement: The CBN has introduced a new minimum capital requirement for banks to improve their capital adequacy and reduce the risk of bank failures. (February 28, 2023)

Recent Speeches:

  1. Speech by the Governor of the CBN: The Governor of the CBN, Godwin Emefiele, delivered a speech on March 22, 2023, at the MPC meeting, in which he discussed the current state of the economy and the bank's monetary policy decisions.
  2. Speech by the Deputy Governor of the CBN: The Deputy Governor of the CBN, Edward Adamu, delivered a speech on March 15, 2023, at the 2023 Annual Banking and Finance Conference, in which he discussed the challenges facing the banking sector and the need for reforms.

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