22 Sep

Daily Watch – MPC meet ends today, Soludo may be back in government

  • Big decisions around the distribution of foreign exchange, and the management of Nigeria’s slowing economy are expected to be made today, as the Monetary Policy Committee rounds off its 2-day meeting. Among other things, analysts are watching out for a reduction in the Cash Reserve Ratio to help banks continue their intermediation role, as the TSA implementation prompted an exodus of public sector funds out of the banking system, leading to a spike in the cost of bank deposits.
  • Former CBN governor, Chukwuma Soludo, was yesterday seen at the Presidential Villa, Abuja, as a guest of the Chief of Staff to the President, ‎Abba Kyari. Although it could not be established if he later met with President Buhari, Soludo’s visit can not be totally unconnected with ongoing ministerial appointments expected any day from now. The former apex banker however said that he is neither disposed nor available for full time public service currently, as his hands are filled with several other experiments in the private sector, charity, think-tanks, and the international community. Also seen in the State House yesterday was the immediate past governor of Ekiti state, Dr John Kayode Fayemi.
  • President Buhari will host an Extraordinary Summit of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government today in Abuja. The main item on the agenda of the summit will be the current political situation in Burkina Faso. The government of Burkina Faso was last Thursday dissolved after an overthrow led by the country’s Regiment of Presidential Security.