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Opinion

Nigerian Banks Face Earnings Dip

S&P Global Ratings
Nov. 8, 2022, 12:09 p.m.
169

Word count: 581

Banks in Nigeria could see reduced earnings, alongside weaker lending growth and asset quality, after the Central Bank of Nigeria (CBN) raised its main monetary policy rate (MPR; repo rate) by 150 basis points (bps) on September 27. The monetary policy committee's latest move not only raises the repo rate to 15.5%, but also banks' cash reserve requirement to a minimum of 32.5% (up 500 bps), amid persisting foreign exchange shortages in the country.

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