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CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO 119 OF THE MONETARY POLICY COMMITTEE MEETING OF MONDAY, 23RD AND TUESDAY, 24TH JULY, 2018 1.0 Background: The Monetary Policy Committee (MPC) held its 262nd meeting on Monday, 23rd, and Tuesday, 24th July 2018 amid fragile improvements in global growth and the domestic economic recovery. The Committee reviewed developments in the global and domestic economic and financial environments, as well as the outlook for the rest of the year. The MPC also assessed the risks to price stability, credit growth, employment creation and financial system stability, in the short-to-medium term. Ten (10) members of the Committee were in attendance. Global Economic Developments : Global growth momentum remained promising despite rising trade tensions, uncertainties in BREXIT negotiations and skepticism over North Korea’s commitment to the denuclearise the Korean Peninsula. Global growth was projected at 3.9 percent in 2018, compared with 3.7 percent in...

Money Market Indicators (In Percentage)   - 2018 Month March April May Inter-Bank Call Rate 15.16 3.34 26.11 Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR) 14.00 14.00 14.00 Treasury Bill Rate 11.84 11.43 10.14 Savings Deposit Rate 4.07 4.07 4.07 1 Month Deposit Rate 8.82 8.78 8.90 3 Months Deposit Rate 9.72 9.89 9.97 6 Months Deposit Rate 10.93 10.71 10.62 12 Months Deposit Rate 10.21 10.03 9.96 Prime Lending rate 17.35 17.24 17.08 Maximum Lending Rate 31.55 31.56 31.29 source: cbn.org.ng        

Inflation Rates (percent)   2018 Month March April May All Items (Year on Change) 13.34 12.48 11.61 All Items (12 Months Avg. Change) 15.60 15.20 14.79 Food (Year on Change)/1 16.08 14.80 13.45 Food (12 Months Avg. Change)/1 19.29 18.89 18.36 All Items Less Farm Produce (Year on Change)/2 11.18 10.92 10.71 All Items Less Farm Produce (12 Months Avg. Change)/2 12.33 12.02 11.83 All Items Less Farm Produce and Energy (Year on Change)/3 11.85 11.64 11.60 All Items Less Farm Produce and Energy (12 Months Avg. Change)/3 12.55 12.38 12.32         Note: The new base period for Consumer Price Indices is November 2009  Year on a change in percent is year-on-year or annualized inflation rate Computation of the 12-month average change is based on 12-month moving average /1 Food inflation rate is also called the non-core inflation /2 All items less farm produce is otherwise known as core inflation /3 All items less farm produce and energy is another typ...

Date Currency Buying(NGN) Central(NGN) Selling(NGN) 7/20/2018 US DOLLAR 304.85 305.35 305.85 POUNDS STERLING 398.8048 399.4589 400.113 EURO 357.1013 357.687 358.2727 SWISS FRANC 306.5051 307.0078 307.5106 YEN 2.727 2.7315 2.7359 CFA 0.5204 0.5304 0.5404 WAUA 425.9586 426.6573 427.3559 YUAN/RENMINBI 44.9841 45.0548 45.1326 RIYAL 81.2803 81.4136 81.547 SOUTH AFRICAN RAND 22.7225 22.7598 22.7971 DANISH KRONA 47.906 47.9846 48.0632 soruce: cbn.gov.ng SDR 426.851 427.5511 428.2512

The 262nd Meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows: Venue: MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja. Day 1: Monday, July 23, 2018 Time: 10:00 am Day2: Tuesday, July 24, 2018 Time: 8:00 am

With paper receipts and invoices still, a key part of any business accounts receivable and accounts payable is one area that hasn’t been lavished with digital innovation attention. But in their efforts to provide more streamlined services for commercial clients, banks have begun to develop offerings to automate such tasks, which have long been deemed inefficient and overly manual. “This is an age-old problem for clients,” said Manish Kohli, global head of payments and receivables for Citigroup’s Treasury and Trade Solutions division. “They are using typically old solutions," and employees "spend a lot of time matching payments with invoices.” Last week, the division announced it would partner with a fintech company called HighRadius on a new cloud-based integrated receivables platform for commercial clients called Citi Smart Match. Manish Kohli, global head of payments and receivables for Citi’s Treasury and Trade Solutions division. ...

ABUJA  - The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria. A  press release  issued by the Bank on Wednesday, February 28, 2018, reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN. The statement signed by the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, emphasized that dealers and investors in any kind of cryptocurrency in Nigeria were not protected by law, this may be unable to seek legal redress in event of failure of the exchangers or collapse of the business. The CBN, therefore, warned Nigerians to be cautious against investing in cryptocurrency as doing so would be at their own risk. It will be recalled that the CBN on January 12, 2017, issued a circular to Banks and other financ...