Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 1&2 2024 – Review of Macroeconomic Developments in the Second Quarter of 2024
The CBN notably increased the Monetary Policy Rate (MPR) by 150 basis points to 26.25% in Q2 2024 as a direct measure to counter persistent inflationary pressures in Nigeria. Concurrently, the CBN revised key lending policies, reducing the Loan-to-Deposit Ratio (LDR) by 15 percentage points to 50% and prohibiting most foreign-currency-denominated collaterals for Naira loans, mandating existing non-compliant loans to be resolved within 90 days. Furthermore, the Central Bank extended the suspension of cash deposit processing fees until September 30, 2024, requiring all financial institutions to accept cash deposits without charges, and introduced a Risk-Based Cybersecurity Framework for DMBs and PSBs with a compliance deadline of July 31, 2024.