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Economic Report for the First Half of 2019

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Economic Report for the First Half of 2019 2019 CENTRAL BANK OF NIGERIA ECONOMIC REPORT FOR THE FIRST HALF OF 2019 Central Bank of Nigeria Corporate Head Office 33 Tafawa Balewa Way Central Business District P. M. B. 0187 Garki Abuja Website: www.cbn.gov.ng Contact Centre Tel: +234 700 225 5226 © 2019 Central Bank of Nigeria ISSN 1597 - 2976 ii Vision “Be THE MODEL CENTRAL BANK delivering PRICE and FINANCIAL SYSTEM STABILITY and promoting SUSTAINABLE ECONOMIC DEVELOPMENT.” Mission “To be proactive in providing a stable framework for the economic development of Nigeria, through the effective, efficient and transparent implementation of monetary and exchange rate policy, and management of the financial sector.” iii THE CENTRAL BANK OF NIGERIA Established by the Central Bank of Nigeria (CBN) Act of 1958, the Principal objects of the Bank, as contained in the new CBN Act, 2007, are to: • ensure monetary and price stability; • issue legal tender currency in Nigeria; • maintain external reserves to safeguard the international value of the legal tender currency; • promote a sound financial system in Nigeria; and • act as banker and provide economic and financial advice to the Federal Government of Nigeria. iv MEMBERS OF THE BOARD OF DIRECTORS OF THE BANK AS AT JUNE 30, 2019 1. Godwin I. Emefiele, CON - Governor Chairman 2. Edward L. Adamu - Deputy Governor (C S) Member 3. Okwu J. Nnanna - Deputy Governor (E P) Member 4. Aishah N. Ahmad - Deputy Governor (FSS) Member 5. Folashodun A. Shonubi - Deputy Governor (Ops) Member 6. Adeola Adetunji - Non-Executive Director Member 7. Idris Ahmed - Non-Executive Director Member 8. Mahmoud Isa-Dutse - Non-Executive Director Member 9. Ummu A. Jalingo - Non-Executive Director Member 10. Mike Obadan - Non-Executive Director Member 11. Justitia O. Nnabuko - Non-Executive Director Member 12. Abdu Abubakar - Non-Executive Director Member Alice Karau - Secretary MEMBERS OF THE COMMITTEE OF GOVERNORS OF THE BANK AS AT JUNE 30, 2019 1. Godwin I. Emefiele, CON - Governor (Chairman) 2. Edward L. Adamu - Deputy Governor (Corporate Services) 3. Okwu J. Nnanna - Deputy Governor (Economic Policy) 4. Aishah N. Ahmad - Deputy Governor (Financial System Stability) 5. Folashodun A. Shonubi - Deputy Governor (Operations) Alice Karau - Secretary MEMBERS OF THE MONETARY POLICY COMMITTEE (MPC) AS AT JUNE 30, 2019 1. Godwin I. Emefiele, CON - Governor (Chairman) 2. Edward L. Adamu - Deputy Governor (CS) 3. Okwu J. Nnanna - Deputy Governor (EP) 4. Aishah Ahmad - Deputy Governor (FSS) 5. Folashodun A. Shonubi - Deputy Governor (Ops) 6. Festus A. Adenikinju - Member 7. Aliyu R. Sanusi - Member 8. Robert C. Asogwa - Member 9. Dahiru H. Balami - Member 10. Mike Obadan - Member 11. Mahmud Isa-Dutse - Member Moses K. Tule - Secretary v DEPARTMENTAL DIRECTORS 1. Dipo T. Fatokun - Banking Services 2. Ahmad Abdullahi - Banking Supervision 3. Musibau Fisayo Olatinwo - Branch Operations 4. Aisha Balewa Abubakar* - Capacity Development 5. Sirajuddin Kofo Salam-Alada - Consumer Protection 6. Isaac A. Okorafor - Corporate Communications 7. Alice Karau - Corporate Secretariat 8. Prescilia Eleje - Currency Operations 9. Mudashir A. Olaitan - Development Finance 10. Ekwueme Benjamin Fakunle - Finance 11. Angela Adewunmi Sereejembi - Financial Markets 12. Kevin N. Amugo - Financial Policy and Regulation 13. Dabai M. Suleyman - FSS 2020 14. Jeremiah Abue - Governors’ Department 15. Umma Dutse (Haj.) - Human Resources 16. Rakiya Shuaibu Mohammed* - Information Technology 17. Vivian I. Agu (Mrs.) - Internal Audit 18. Johnson O. Akinkunmi - Legal Services 19. Mohammed Ahmed Shehu - Medical Services 20. Moses K. Tule - Monetary Policy 21. Agnes O. Martins (Mrs.) - Other Financial Institutions Supervision 22. Samuel Chukwuyem Okojere - Payments System Management 23. Arinze A. Stanley - Procurement & Support Services 24. Uwatt B. Uwatt - Research 25. Salihi Abba - Reserve Management 26. Oluwafolakemi J. Fatogbe (Ms.) - Risk Management 26. Oluwakemi Omobosede Osa-Odigie* - Security Services 27. Mohammed Tumala M. - Statistics 28. Mohammed Dabai Suleyman - Strategy Management 29. Ahmed Bello Umar - Trade & Exchange 30. Eunice N. Egbuna** - Secondment to WAMI * Overseeing the Department **On secondment vi BRANCH CONTROLLERS/CURRENCY OFFICERS 1. Christopher Onah Adayi - Abakaliki 2. Lanre Wahab Oseni - Abeokuta 3. Ibeawuchi Francis Amagwu - Abuja 4. Ademola-Ganiyu Atobatele - Ado-Ekiti 5. Fatai Adebare Yusuf - Akure 6. Patricia Nwabune Ukwu - Asaba 7. Benedict I. C. Maduagwu - Awka 8. H. A. Idris - Bauchi 9. Renner Davis Jumbo - Benin 10. T. G. Mohammed - Birnin-Kebbi 11. Chuks Monday Sokari - Calabar 12. Abubakar Hamman Joda - Damaturu 13. Sa’adatu Aminu Ibrahim (Mrs.) - Dutse 14. Emmanuel C. Okonjo - Enugu 15. Shehu A. Goringo - Gombe 16. Babangida Jino - Gusau 17. Olufolake Mobolade Ogundero - Ibadan 18. Babatunde Ademola Amao - Ilorin 19. John S. Minya - Jalingo 20. Yusuf Baguro Duniya - Jos 21. Ahmed Mohammed Wali - Kaduna 22. Abdulkadir Idris Ali - Kano 23. D. N. Usman - Katsina 24. S. Isuwa - Lafia 25. Atise Johnson Ekhator - Lagos 26. Ahmed Isa Sule - Lokoja 27. Tijani Kanuriana Lawan - Maiduguri 28. Bulus Ibrahim Abba - Makurdi 29. Mas’ud Tule Ibrahim - Minna 30. Ajuma Daphne Madojemu - Osogbo 31. Georgina Nwankwo - Owerri 32. Romades Adewole Randle - Port Harcourt 33. Yusuf B. Wali - Sokoto 34. Onyeka Michael Ogbu - Umuahia 35. Itohan Mercy Ogbomon-Paul - Uyo 36. Sikiru Kolawole Osidele - Yenagoa 37. Satu Jatau - Yola vii TABLE OF CONTENTS PAGE Summary .. .. .. .. .. .. .. .. .. .. xvii 1.0 INTRODUCTION .. .. .. .. .. .. .. .. 1 2.0 OPERATIONS OF THE CENTRAL BANK OF NIGERIA .. .. .. 2 2.1 Liquidity Management .. .. .. .. .. .. 2 2.2 Monetary Policy Committee (MPC) Decisions .. .. .. 2 2.3 Developments in the Payments system .. .. .. .. 3 2.3.1 Payments System Initiatives .. .. .. .. 3 2.3.1.1 Framework for Bank Verification Number (BVN) Operations and Watch-List .. .. .. 3 2.3.1.2 Nigeria Electronic Fraud Forum (NeFF) .. .. 4 2.3.1.3 Licensing of Payments System Participants .. 4 2.3.1.4 Examination of Payments Service Providers .. 5 2.3.1.5 Revised Nigeria Cheque Standards and Cheque Printers Accreditation Scheme .. .. .. 5 2.3.1.6 Payments System Vision 2020 (PSV 2020) .. 6 2.3.2 Retail Payments .. .. .. .. .. .. 7 2.3.2.1 Electronic Payments .. .. .. .. 7 2.3.2.2 Cheque .. .. .. .. .. .. 7 2.3.2.3 Electronic Transactions .. .. .. .. 8 2.3.2.3.1 ATM Transactions .. .. .. .. 10 2.3.2.3.2 Web Transactions .. .. .. .. 11 2.3.2.3.3 Point of Sale (PoS) Transactions .. .. 12 2.3.2.3.4 Mobile Payments .. .. .. .. 13 2.3.3 Wholesale Payments System .. .. .. .. 14 2.3.3.1 Real Time Gross Settlement (RTGS) System .. 14 2.3.3.2 Nigeria Inter-bank Settlement System Instant Payment (NIP) .. .. .. .. .. 15 2.3.3.3 NIBSS Automated Payment Services (NAPS) .. 16 2.3.4 Currency Operations .. .. .. .. .. 17 2.3.4.1 Issuance of the Legal Tender .. .. .. 17 2.3.4.2 Currency-in-Circulation (CIC) .. .. .. 18 2.4 Financial Sector Surveillance .. .. .. .. .. 19 2.4.1 Banking Supervision .. .. .. .. .. 19 2.4.2 Routine/Target Examination .. .. .. .. 23 2.4.3 Special/ Foreign Exchange Examinations .. .. .. 24 2.4.4 Banking Sector Soundness .. .. .. .. .. 24 2.4.5 Banks’ Compliance with the Code of Corporate Governance .. .. .. .. .. .. .. 25 2.4.6 Financial Crimes Surveillance/Anti-Money Laundering /Combating the Financing of Terrorism (AML/CFT).. .. 26 2.4.7 Cross Border Activities .. .. .. .. .. 27 2.4.8 Update on Basel II/III Implementation .. .. .. 28 2.4.9 Fraud and Forgeries.. .. .. .. .. .. 29 2.4.10 Consumer Protection .. .. .. .. .. 29 2.4.11 Financial Literacy .. .. .. .. .. .. 31 viii 2.4.12 Examination of Other Financial Institutions .. .. 32 2.5 Foreign Exchange Market and Management .. .. .. 35 2.5.1 Spot Transactions in the Foreign Exchange Market .. .. 35 2.5.2 Forwards and Swaps Transactions .. .. .. .. 35 2.5.3 Exchange Rate Movements .. .. .. .. 36 2.5.3.1 Spot Exchange Rates .. .. .. .. 36 2.5.4 Foreign Exchange Flows .. .. .. .. .. 38 2.5.5 Sectoral Utilisation of Foreign Exchange .. .. .. 41 2.5.6 Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) Indices .. .. .. 43 2.6 Development Finance Operations .. .. .. .. 44 2.6.1 Real Sector Interventions .. .. .. .. .. 44 2.6.1.1 Credit Support Schemes .. .. .. .. 44 2.6.1.1.1 Commercial Agriculture Credit Scheme (CACS) .. .. .. .. .. 44 2.6.1.1.2 Paddy Aggregate Scheme (PAS) .. 45 2.6.1.1.3 Anchor Borrowers’ Programme (ABP) 45 2.6.1.1.4 Accelerated Agriculture Development Scheme (AADS) .. .. .. .. 46 2.6.1.1.5 MSME Development Fund (MSMEDF) .. 46 2.6.1.1.6 Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS) .. .. 47 2.6.1.1.6.1 Creative Industry Financing Initiative (CIFI) .. .. .. 47 2.6.1.1.7 Youth Entrepreneurship Development Programme (YEDP) .. .. .. 47 2.6.1.1.8 Real Sector Support Facility (RSSF) .. 48 2.6.1.1.8.1 Differented Cash Reserve Ratio (DCRR) Window of the RSSF (RSSF-DCRR) .. .. .. 48 2.6.1.1.9 Small and Medium Enterprises and Refinancing Facility (SMERRF) .. .. 48 2.6.1.1.10 Textile Sector Intervention Fund (TSIF) .. 49 2.6.1.1.11 Power and Airline Intervention Fund (PAIF) 49 2.6.1.1.12 Nigeria Electricity Market Stabilisation Facility (NEMSF) .. .. .. .. 49 2.6.1.1.13 Nigeria Bulk Electricity Trading Payment Assurance Facility (NBET-PAF) .. .. 50 2.6.1.1.14 CBN-BOI Industrial Facility .. .. 50 2.6.1.1.15 National Food Security Programme (NFSP) 51 2.6.1.1.16 Presidential Fertiliser Initiative (PFI) .. 51 2.6.1.1.17 Non-oil Export Stimulation Facility (NESF) 51 2.6.1.1.18 Export Development Facility (EDF) .. 52 2.6.1.1.19 Shared Agent Network Expansion Facility (SANEF) .. .. .. .. .. 52 2.6.2 Credit Guarantee Schemes .. .. .. .. 52 2.6.2.1 Agricultural Credit Guarantee Scheme Fund (ACGS) 52 2.6.2.1.1 Interest Drawback Programme (IDP) .. 53 2.7 Financial Inclusion .. .. .. .. .. .. .. 53 2.8 National Collateral Registry (NCR) .. .. .. .. .. 54 ix ECONOMIC REPORT 3.0 GLOBAL ECONOMIC DEVELOPMENTS .. .. .. .. .. 56 3.1 Global Output .. .. .. .. .. .. .. 56 3.2 Global Commodity Prices .. .. .. .. .. .. 58 3.3 Global Inflation.. .. .. .. .. .. .. .. 59 3.4 International Financial Markets .. .. .. .. .. 61 3.5 World Economic Outlook for the Rest of 2019 .
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