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Sovereign nations contemplate de-dollarising economies

On the international front, the BRICS bloc made up of Brazil, Russia, India, China and South Africa alongside six other countries including Iran, Saudi Arabia, the UAE, Egypt, Argentina and Ethiopia are pushing the agenda to de-dollarise their respective economies. A number of these countries are witnessing a shortage of dollars and the consistent…

Saudi arabiaUnited arab emiratesSouth africaUche uwalakeSanusi lamidoCentral bankFed fundMallam sanusi lamidoMajor chineseCapital market

CBN books reveal $7 5 bn debt owed to JP Morgan, Goldman Sachs

The Central Bank of Nigeria (CBN) owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022. This is contained in the audited financial statement of the apex bank, published on its website. According to the CBN: “The Group entered into a securities lending agreement with Goldman Sachs and…

Uche uwalakeJp morganCentral bankGoldman sachsCapital market

Nigeria: CBN Increases Interest Rate to 18 75 Percent, Highest in 22 Years

Nigeria: CBN Increases Interest Rate to 18 75 Percent, Highest in 22 Years
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Folashodun shonubiGodwin emefieleUche uwalakeBola tinubuCentral bankMonetary policy committeePresident bola tinubuCapital market professor

MPC should pause the policy rate hikes – Experts

Economist and professor of Capital Market, Uche Uwalake has said the Monetary Policy Committee of the Central Bank of Nigeria (CBN) should pause the policy rate hikes as a further rate tightening would only worsen the situation as the cost of capital is increased and access to credit by small businesses is made more difficult.…

Uche uwalakeMonetary policy committee of the central bankCapital marketMonetary policy committeeCentral bankMonetary policy rate

CBN raises interest rate to 13%

The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to raise the benchmark interest rate to 13% after two and half years of expansionary monetary policy. This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the 142nd monetary policy committee meeting yesterday in Abuja. […]

South africaAbuja federal capital territorySouth africanUche uwalakeGodwin emefieleMonetary policy committee of the central bankEuropean central bankAfrican reserve bankCentre for the promotion of private enterpriseMonetary policy committeeCentral bankPrivate enterpriseCentral banksDeposit ratioSouth african reserve bank