I’ve been reading up about financial market architecture these days as part of preparation for some exams and began trying to connect the stuff I’m reading with one market that has been in the news recently. In ejecting Nigeria from its emerging market government bond index (EMGBI), JP Morgan cited the lack of transparency and […]

At the last MPC, the Central Bank of Nigeria voted to cut reserve ratio requirements by 600bps to 25%. My favourite MPC character voted in the minority and here’s his view. 5.0 GARBA, ABDUL-GANIYU Context of Decision The greatest danger to economies (large, emerging and small) in the post-2007 global economy is the risks posed […]

After much ado about #TheList which involved several airborne trips, baton changing, false alarms over its delivery, President Muhammadu Buhari kept his promise to deliver names of his ministers to the National Assembly. Anticipation over the list has reached stratospheric levels as indeed has been nationalistic fervor in recent days, as driving through the streets […]

…I had seen such misery…and I knew behind it all were vain and cynical men, who had closed their eyes, hearts and minds…rather than admit they might have made a mistake. Frederick Forsyth At this week’s monetary policy committee (MPC) meeting, the Central Bank of Nigeria faced a rapidly deteriorating economic landscape. Firstly, against CBN […]

6.0 GARBA, ABDUL-GANIYU Context of Decision The global economic outlook remains uncertain, tenuous and tough for emerging markets and resource driven economies. The Euro-Greek crises, the busting of the Chinese asset market bubble and the persisting uncertainty about the timing of the US Fed’s rate increase have heightened uncertainties in global financial markets. For oil […]

Last week the Central Bank of Nigeria (CBN) released a list of 40 items later raised to 41 items that were proscribed from accessing the domestic FX market i.e. the interbank market. My first reaction going through the list was the weird items: Indian incense, head pans and wheel barrows. Furthermore, some items on the […]

6.0 GARBA, ABDUL-GANIYU Background The global economic outlook is tenuous. There is widespread nervousness about how the United States will normalize its expanded balance sheet which like that of many central banks has been bloated with toxic assets mopped up during the various phases of quantitative easing. There is also nervousness and uncertainties about the […]