2020 Financial Highlights
Key Regulatory & Policy Changes
■ MPC retained policy rate at 13.5% but
increased CRR by 500bpts to 27.5%.
"
CBN kept the LDR unchanged at 65.0% for
Deposit Money Banks (DMBs).
CBN approved regulatory forbearance for
assets funded with its intervention funds.
Bankers Committee agreed donation
modalities for Covid-19. Tier | = N500m |
Tier II = N250m | Others = N100m
■ MPR reviewed downward to 11.5% from
12.5%, while the asymmetric corridor was
lowered from +200/-500bps to +100/-700bps.
■ Other policy rates retained.
■ CBN drops the minimum benchmark for
interest rate on savings accounts to 10.0% of
MPR from 30% of MPR.
■ PMS pump price increased to N151.56 per
litre from N145 effective 2nd Sep 2020
Q1
Q2
MPR reduced by 100bpts to 12.5%
while other policy rates remained
unchanged.
■ Interest rate on savings deposits
dropped to 3.75% from 4.05% due to
reduction in MPR.
CBN resumed FX sale to SMEs and for
invisibles including payment of tuition
fee.
FG approves the suspension of interest
payment on state government debts.
Q3
Q4
■ The Nigerian Electricity Regulatory
Commission (NERC) approved
service reflected tariffs in the Power
Sector effective 12th Oct 2020.
■ CBN approved the option of
receiving diaspora remittances in
NGN or USD
FG
reopens 4 land boarders
(Seme | Maigatari | llela | Mfun)
■ The Senate passed the N13.6bn
appropriation bill.
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