Bank Negara Malaysia’s deliberation over how much more to raise rates or how long to hold them at the current level hinges on how previous rate increases impacted the economy.
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Obinna Chima
Indications have emerged that the Central Bank of Nigeria (CBN) could be considering wooing foreign portfolio investors (FPIs) back into the fixed income market with higher yields.
The move is also expected to improve the country’s forex liquidity. Standard Bank revealed this in its latest report obtained at the weekend.
According to the report, should the recent adjustments to over-the-counter (OTC) futures and open market operations (OMO) yields occur, “the CBN seems to be considering attracting FPIs again.”
Last week, the FMDQ OTC futures prices were adjusted higher by an average of N9.81 on the short-end and N14.16 on the long-end of the curve.
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ising from the January Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 11.5 per cent.
The CBN Governor, Mr. Godwin Emefiele who briefed journalists on Tuesday after the MPC meeting ended, said the federal government has stimulated the economy with N8.8 trillion interventions comprising $18 billion (about N6.82tr) and another N2tr economic interventions in about one year.
The interest rate was however sustained as the recession persists. Just like in November 2020, CBN also retained the asymmetric corridor of +100/-700 basis points around the Monetary Policy Rate (MPR). It also retained the Cash Reserve Ratio (CRR) at 27.5 per cent, and retained the liquidity ratio at 30 per cent.