• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

MPC Meeting: What to expect from Emefiele; forex, eNaira, Crypto, FBNH

More drama expected as Emefiele briefs the press after MPC meeting

Analysts Nairametrics by Analysts Nairametrics
November 22, 2021
in Currencies, Financial Services, Spotlight
SCOOP: CBN supplies mutilated N50 notes to banks, contributing to sustained cash scarcity
Share on FacebookShare on TwitterShare on Linkedin

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is set to meet this week, on the 22nd and 23rd, for the last time this year (2021).

The 10-man committee headed by the CBN Governor, Godwin Emefiele last met on September 17th, 2021, publishing its 38th communique that detailed the basis for its decision.

MPC meetings provide an opportunity for the CBN to communicate its monetary policy decisions on the economy. However, more recently, it been dominated by drama, surprises and rants especially during the press conferences hosted by Godwin Emefiele.

RelatedStories

CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025

Read: CBN rebuffs calls for  Godwin Emefiele’s resignation

For example, at the press briefing following the end of the last meeting, Godwin Emefiele went after the operators of abokiFX, an online forex portal that publishes black market rates for foreign exchange transactions. He accused them of manipulating rates even going as far as bizarrely asking them to come to Abuja if they wanted a “fight” with him.

At the previous meeting in July, Emefiele surprised journalists at the media briefing when he announced a ban of Bureau De Change Operators in the country. He accused them of becoming “wholesale dealers, illegally in foreign exchange to the tune of millions of dollars per transaction” instead of selling to retail end users.

The media is already getting used to a drama-filled MPC press briefing, thus we asked analysts at the Nairametrics weekly ClubHouse session “OnTheMoney” what they expect from the CBN this week.

Read: CBN to start printing currency for The Gambia – Emefiele

On Forex…

The analysts on the show expect the CBN to revel in the perceived success of their forex policies such as the banning of forex sales to BDCs and their decision to call out abokiFX.

  • Since then, the exchange rate at the black market has strengthened from about 570/$1 to N545/$1 in recent weeks.
  • The CBN has often maintained that the black market was not representative of the larger forex market preferring the much-maligned rate at the Investor & Exporter window as the reference rate.
  • The CBN will likely continue to maintain that its forex policies are working highlighting improved liquidity in the system. The apex bank will also point to increasing forex reserves as a further sign that it has the financial muscle to meet “authentic” demand for forex.
  • On BDCs we also expect him to keep the current ban on the sale of forex to BDCs in place just as he did in the last MPC meeting when he informed reporters that the ban will remain.
  • Finally, we do not expect any major forex policy change from the CBN.

eNaira

The CBN Governor will be expected to provide further details on the progress of its eNaira digital currency initiative which the central bank successfully launched.

  • Data indicates that the eNaira successfully completed N46.3 million worth of transactions in less than two weeks of its launch.
  • Knowing Emefiele, the CBN’s perceived success of its digital currency will be a major talking point of the session. We expect him to cite the fact that the CBN under him was the first to do this in Africa and how this will help with local currency and cross border transfers.
  • Emefiele is also likely to provide further details around the operations of the digital currency and could address questions relating to how it affects commercial banks.
  • We also expect him to respond to the recent review of the CBDC by the IMF.

Crypto P2P

Just as Emefiele speaks glowingly about the success of eNaira, we also expect him to come down hard on cryptocurrency enthusiasts in the country.

  • Reports last week indicate the CBN may have instructed banks to post no debit (PND) account of Nigerians involved in peer-to-peer transfer of cryptocurrencies.
  • Thus, we will not be surprised if he addresses this issue again at this week’s MPC, railing off against P2P proponents.
  • We won’t be surprised if he dishes out new and stricter deterrents to banks still allowing p2p transactions.
  • Also expect Emefiele to reference the continued ban on cryptocurrency mining in China as well as the volatility associated with them.

Rates

This is the main reason why monetary policy committee meetings are held in the first place. However, we have seen rates unchanged for some time now making this a largely non-affair.

  • With the rate of inflation decelerating, we expect the CBN to cite its monetary policy initiatives as a contributory factor to the slowing inflation rate. But while still high, we do not expect the bank to now increase rates.
  • They will also speak to the rising inflation rate globally and its possible effect on Nigeria.
  • Our analysts expect rates to remain unchanged at 11.5% when they meet this week.
  • The CBN will also continue with its CRR and Liquidity ratio of 27.5% and 30% respectively.

FBNH

The current shareholder debacle at FBN Holdings took a new twist on Friday when the Pension Commission (PENCOM) clarified who actually owns Leadway Pensure shares.

  • The CBN has remained silent since it was revealed that Femi Otedola owned the majority shares of the bank.
  • It is thus, likely that Emefiele will respond to questions about the bank if asked by reporters.
  • We expect the CBN to thus make a pronouncement on its knowledge of the majority shareholding of the bank.
  • Mr Otedola may just be officially recognized by the central bank confirming his control of one of Nigeria’s largest banks.
Tags: CBNCBN MPC MeetingEmefieleFBNHFeaturedMonetary Policy Committee (MPC)
Analysts Nairametrics

Analysts Nairametrics

Related Posts

CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Financial Services

Focus on ‘African-led, African-owned’ growth, digital transformation – Cardoso tells African leaders at Afreximbank AGM 

June 25, 2025
Next Post
Abuja – Kaduna rail services to resume on October 23 – NRC

Nigerian Railway Corporation to select e-ticketing providers for Lagos-Ibadan and Warri-Itakpe lines

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 
  • HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

Follow us on social media:

Recent News

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics