₦airaland Forum

http://www.cenbank.org/Out/2015/CCD/September%20Communique%2021092015.pdf


In consideration of the underlying fundamentals of the economy,
particularly the declining output growth, rising unemployment,
evolving international economic environment as well as the need to
properly position the economy on a sustainable growth path, the
MPC decided by a vote of 7 to reduce the Cash Reserve
Requirement (CRR) from 31 per cent to 25 per cent while 3 voted to
hold. By a unanimous vote, the MPC voted to retain the MPR at 13
per cent.

In summary, the MPC voted to:
(i) Reduce the CRR from 31 to 25 per cent;
(ii) Retain the MPR at 13 per cent;
(iii) Retain the symmetric corridor of 200 basis points around the
MPR; and
(iv) Retain the Liquidity Ratio at 30 per cent.

Thank you.

Godwin I. Emefiele

Governor, Central Bank of Nigeria
22nd September 2015


Consequently, the Committee advised on the urgent imperative of
banks to aggressively support the efforts of government at job
creation by channeling available liquidity into target growth
enhancing sectors of the economy such as agriculture and
manufacturing.

This is with a view to promoting employment creation
through conscious efforts aimed at directing lending to the growth
enhancing sectors of the economy. The Committee considered that
the Bank and deposit money banks, must strive to reverse the
slowing GDP trajectory by actively stepping up their efforts in
catalyzing the economy with substantial new loans to the target
sectors earlier highlighted.

I keep silent

This is better. They did a good job

The
Committee further observed that the impact of the persistent
decline in global crude oil prices on the fiscal position of
Government continues to reflect in rising credit to governmen[/b]t. The
Committee also noted that the initial market reaction to the decision
by [b]JP Morgan to exclude the country from its Government Bond
Index for Emerging Economies (GBI-EM) had largely dissipated as
yields soon adjusted to their pre-announcement levels’ adding that
there may be second round effects over the next two months as the
economy adjusts to that decision. The Committee reiterated its
unwavering commitment to naira exchange rate stability despite the
pressures

Which economy pls?

Arising from these developments, there were indications that some of the banking sector performance indicators could be stressed if conditions worsen further. Specifically, the Committee noted that liquidity withdrawals following the implementation of the TSA, elongation of the tenure of state government loans as well as loans to the oil and gas sectors could aggravate liquidity conditions in banks and impair their financial intermediation role, thus affecting economic growth, unless some actions were immediately taken to ease liquidity conditions in the markets.

Having seen two consecutive quarters of slow growth, the Committee recognized that the economy could slip into recession in 2016 if proactive steps were not taken to revive growth in key sectors of the economy.

In the face of prevailing circumstances, the Committee acknowledged that synergy between monetary and fiscal policies remained the most potent option to sustainable growth.

something is being hidden!

In the face of prevailing circumstances, the Committee acknowledged that synergy between monetary and fiscal policies remained the most potent option to sustainable growth.

This, for me, is the main issue. PMB needs to constitute his Economic Team ASAP without further delay. This is the second time I am hearing the CBN Governor mention the need to have FISCAL policies complimenting MONETARY policies. He has just stopped short of blaming the president.

The CHANGE the gullible people voted for



Op please put all on one page and highlight major points

Economy shrinking yet buari is busy drinking kunu at aso rock. Smh. #impeachbuari

Phear not my feful let as pite kwaraption pirst.

When some of us said Buhari needs an economic team asap his followers said he's still on honeymoon and there's still time.

Some even claimed his body language is enough to do all things.

I hope he'll do the needful and not postpone appointment of his ministers beyond September.

Interesting...reduction in CRR was expected

Cc: davide470, lalasticlala

If the masses are to wake up to the true realities of Nigeria, they would all troop to the streets and give expressions to their anger against anyone that have ever plundered her.

.

Adesiji77:
Interesting...reduction in CRR was expected

Cc: davide470, lalasticlala

Oh, Yes. Very expected, if not, we would see banks declaring bankruptcy.

Though it was expected to be reduced to 20 - 23% sha but it's still fair.

Also, Nigeria has the 2nd highest MPR, with Ghana being the first. This is really not cool if we want to be among the developed emerging markets.

By the way, those 3 people that voted to stay the CRR need to be flogged.

Not a good news, its will definately change.

Hmmm

Hmmm, may GOD help & heal Nigeria

even Ghana has been officially declared a poor country since the Hausa/Fulani took over leadership, you think Nigeria will be different, i pity you.

Hausa knows nothing about Economics .

people used to send their wards to ghana for education and all that

catchee catchee softly we are moving ahead downwardly

aguiyi:
even Ghana has been officially declared a poor country since the Hausa/Fulani took over leadership, you think Nigeria will be different, i pity you.

Hausa knows nothing about Economics .

people used to send their wards to ghana for education and all that

shallow minded being

who is in charge of fiscal policies in Nigeria auto pilot. SMH

Ok

Chubhie:
If the masses are to wake up to the true realities of Nigeria, they would all troop to the streets and give expressions to their anger against anyone that have ever plundered her.

Exactly all those who looted our treasury need to face public execution (PDP &APC)

aguiyi:
even Ghana has been officially declared a poor country since the Hausa/Fulani took over leadership, you think Nigeria will be different, i pity you.

Hausa knows nothing about Economics .

people used to send their wards to ghana for education and all that

Is Jonathan an Hausa Man too?

APC witchcraft is sooooooooooooooooooooooo strong.

THE ZOO MUST FALL
my goodness me

APC witchcraft is sooooooooooooooooooooooo strong.
watch some scratched face South West hausa Fulani slaves come here to defend a terrorist and dictator who has ruled for 4 months without MINISTERS, called ministers noise makers, sold oil for 4 months without accounting for it and worst of all, takes credit for what GEJ achieved yet refusing to take blames for his own failure.
ha ha ha ha by october, the zoo currency will be worth nothing
THE ZOO MUST FALL
my goodness me

He that is down need fear no fall!

How many days has the daura being in office?


LMFAOOOOOOOO. Change!!!!!!!!

I keep saying it Nigerians are deluded as f2k and deserve all the mess they go through because they put themselves in each and every one of them. Ntooooooooooooooooooiooooo