FCSL MONTHLY ECONOMIC SOUNDBITE_ SEPTEMBER 2020

Macro economy The Purchasing Managers Index for the month maintained contractionary bandwidth, as both Manufacturing and Non-manufacturing PMI were 46.9 index points and 41.9 index points respectively. According to the 14 subsectors of the Manufacturing activities surveyed, 4 subsectors were within the expansionary corridor, whereas of the 5 activities level of the manufacturing sectors, only…

HIGHLIGHT OF MPC COMMUNIQUE_ SEPTEMEBR 2020

The Monetary policy Committee affirmed to the aberration in the economy space, which is evidence by global, supply chain disruption, rising unemployment trend, volatile crude oil prices, and suppressed demand that have caved in since the pandemic outbreak.   Given the level of domestic economic contraction, persistent elevated inflationary pressure, suppressed government revenue, unabated unemployment…

CBN MONETARY POLICY

MPC COMMUNIQUE HIGHLIGHTS   The committee alluded to the recent IMF global economic projection; where it stated that the global economic trajectory was headed for a contraction of about 4.9% for 2020 fiscal year. Ø The committee accentuated on the inflationary pressure being witnessed mostly within the emerging markets and developing economies, a visible trend among…

FCSL MPR HIGHLIGHT-JULY, 2019

In the just concluded MPC meeting, the following were the resolution reached by the Monetary Policy Committee Members; Monetary Policy Rate was retained at 13.5% Cash Reverse Ratio was retained at 22.5% Liquidity Ratio was retained at 30.0% Asymmetric window was retained within the corridor of+200 and -500 basis points around the MPR