Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 1&2 2024 – Review of Macroeconomic Developments in the First Quarter of 2024
In the second quarter of 2024, the global economy demonstrated mixed performance with notable growth in emerging markets, particularly Asia, alongside slowing global disinflation, rising inflation risks, and cautious central bank approaches leading to depreciating emerging market currencies. Nigeria experienced GDP growth but confronted persistent inflation, Naira depreciation, and a recovery in external reserves. The CBN's Monetary Policy Committee responded by raising the Monetary Policy Rate to 26.25% and introduced several key regulatory changes, including restricting the use of foreign-currency denominated collaterals for Naira loans, reducing the Loan-to-Deposit Ratio to 50%, extending the suspension of cash deposit processing fees, and mandating a new Risk-Based Cybersecurity Framework for banks by July 31, 2024.