Business
Operators Laud CBN For Lending Rates Reduction
Operators on the floor of the Nigerian Stock Exchange (NSE) have given kudos to the Central Bank of Nigeria (CBN) for cutting the inter-bank lending rate to improve liquidity and stimulate economic activities.
The apex bank had recently cut the rate by 200 basis points to 6.0% from 8.0%
In a chat operators agreed it was a welcome development as it is capable of checking the problem of liquidity in the banking industry. They said the development is geared towards increasing liquidity in the baking industry and by extension in the economy. They believe with this move the capital market should expect higher liquidity their investments in money market instrument and move such funds to the stock market, which will boost activity in the Nigerian Capital market.
According to Charles Egbunonwo, a broker with UBA Stockbrokers Limited it is a good development that will add value to the economy and the capital market liquidity will improve because of the funds expected to flow into the market for better returns, through this development.
The General Manager of Lambeth Trust & Investment Company Limited, Mr David Imafidon Adonri, said that the cut in the rate in the money market will cause funds or assets to shift to the capital market. “It is a principle that a decline in the interest rate of the money market will push funds to the capital market”, he said.
A broker on the floor of the Exchange applauded CBN for the unexpected move. He, however, pointed out that the impact of the policy had not been felt in the market. He foresees the implementation of the policy helping to stabilise the Nigerian capital market.
In an attempt to address the tight liquidity situation among banks, the CBN will from this month guarantee all inter-bank lending as well as placement with banks by pension funds until end of March 2010.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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