Monetary Policy Committee Meeting Update - July 2024 | Tapping the Breaks
Following the 296th CBN Monetary Policy Committee (MPC) meeting held on the 22nd and 23rd of July 2024, the committee decided to extend their restrictive monetary policy measures for the fourth (4th) consecutive meeting this year. These measures reflect the committee’s ongoing efforts to manage inflation and stabilize the economy. Notably, this is the slowest increase this year by the Committee.Key decisions include:
Increase in MPR: Hiked by 50bps to 26.75%
Adjustment of Asymmetric Corridor: Set to +500/-100bps around the MPR
Cash Reserve Ratio (CRR):
Retained at 45% for commercial banks
Retained at 14% for merchant banks
Liquidity Ratio: Maintained at 30%
We expect the Committee to make use of the monetary tools in their arsenal by either keeping rates at current levels or raising it by an additional 50-100bps (this has the lower probability among the two options) during the rest of H2:2024.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.