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Daily Business News Brief- September 28th, 2022


In Aggressive Bid to Tame Inflation, CBN Raises MPR to 15.5% – Thisday
The Central Bank of Nigeria (CBN) yesterday raised the Monetary Policy Rate (MPR), otherwise known as interest rate, by 150 basis points, to 15.5 per cent from 14 per cent. The CBN also raised banks’ Cash Reserve Requirement (CRR) by 750 basis points to a minimum of 32.5 per cent, from 27.5 per cent, in order to mop up liquidity from banks’ vaults and discourage currency speculation. The apex bank, however, left the Liquidity Ratio (LR) unchanged at 30 per cent………….Read More

Money supply Rises to N49.36trn Amid Federal Government Borrowing – Thisday
The Central Bank of Nigeria (CBN) in its money and credit statistics has revealed that money supply (M3) in the economy has increased to N49.36 trillion as of August 2022, a 9.21 per cent increase or N4.16 trillion Year-till-Date (YtD) when compared with the N45.19 trillion reported in January 2022.  This is against the backdrop of mounting federal government borrowings to finance the country’s huge budget deficit………….Read More

DMO: 2022 Borrowing Plan Increased by N1trn to Meet Fuel

Subsidy Cost – Punch

The Debt Management Office (DMO) has explained that the federal government’s borrowing plan increased by N1 trillion this year to meet subsidy on petroleum motor spirit (PMS), otherwise known as fuel.  The DMO Director General, Ms. Patience Oniha, who disclosed this in Abuja yesterday, in a presentation at the Executive Course on Budgeting and Fiscal Transparency at the Army Resource Centre, said the borrowing plan for 2022 was jacked up by N1 trillion to enable the government accommodate the extra-cost of petrol subsidy…………..Read More

High CRR Impedes Banks’ Ability to Meet LDR as Many DMBs Violates Policy – Punch
Aside the fear of looming Non-performing Loans (NPLs), it has emerged that Deposit Money Banks (DMB) inability to meet the Central Bank of Nigeria (CBN) loan-to-deposit ratio (LDR) are a function of the high cash reserve ratio (CRR).  THISDAY findings revealed that a number of DMBs’ LDR are below 65 per cent requirement of CBN as disclosed in their half-year ended June 30, 2022 results………..Read More

IMF Prescribes Fiscal, Monetary, Structural Reforms to Tame Food Inflation in Nigeria, Others – Vanguard
The International Monetary Fund (IMF) has prescribed a mix of fiscal, monetary, and structural reforms to help lower soaring food inflation in Nigeria, Ghana and other countries in sub-Saharan Africa.  The multilateral lender declared that food prices tend to be higher in countries with weaker fiscal management and elevated public debt, noting that those with stronger monetary policy frameworks are better at curbing direct and second-round food price inflationary pressures, and in turn, controlling overall inflation………..…..Read More
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