Witty Global blog

  The global banking turmoil over the past two weeks following a series of lovely bank collapses in Europe and America, has proven that Nigerian banks need to be more vigilant and shield towards screw ups, a new report through Agora Policy, an Abuja-primarily based think tank, has said Despite a series of rescue programs for troubled lenders and the assurances of governments and economic regulators, worries about the fitness of the global economic gadget persist in the aftermath of the March 10 crumble of Silicon Valley Bank (SVB). Financial experts stated what came about to SVB is in a extensive sense very much like what's happening with Credit Suisse. According to the report, the worries inside the worldwide banking device aren't confined to SVB and Credit Suisse as many traders are asking comparable questions on many different banks. As a signal of those nerves, the Nasdaq bank index, an index which tracks the inventory costs of a number of the biggest banks, turned into dow

 The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent. T he CBN governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting of the MPC. At the last MPC meeting in January, it was increased by 100 basis points, from 16.5 per cent to 17.5 per cent. According to Emefiele, 10 out of the 12 committee members present at the meeting voted for a moderate rise in the MPR. He, however, said that all other parameters remained constant. The Asymmetric Corridor of +100/-500 basis points around the MPR, the Liquidity Ratio of 30 per cent and Cash Reserve Ratio (CRR) of 32.5 per cent were thus retained. According to Emefiele, the committee debated whether to continue the rate hike to further check inflation. He said that the MPC also considered whether to hold the rate to observe emerging developments and allow for the impact of the last five rate