{"id":6454,"date":"2018-01-23T15:18:08","date_gmt":"2018-01-23T22:18:08","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=6454"},"modified":"2018-01-23T15:18:08","modified_gmt":"2018-01-23T22:18:08","slug":"nigerian-stocks-fall-cbncancels-rate-meeting","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/nigerian-stocks-fall-cbncancels-rate-meeting\/","title":{"rendered":"Nigerian stocks fall after CBN cancels rate meeting"},"content":{"rendered":"
Jan 23, 2018: Nigerian stocks fell 2.7 pct to a one-week low on Tuesday after the central bank called off an interest rate meeting scheduled for Jan. 22-23.<\/p>\n
The central bank said the meeting was not held due to its inability to form a quorum,adding that it will maintain its benchmark interest rate at 14 percent, the level it has kept for more than a year, to tighten liquidity and support the currency.<\/p>\n
Stocks also fell on Monday, the day the MPC<\/span> had been due to start meeting to decide on interest rates.<\/p>\n Stocks fell below to 44,000 points, to a level last seen in January 2018. The main index, which gained 42 percent in 2017, fell for the second straight day after climbing to a nine-year high last week.<\/p>\n Traders had hinged this year\u2019s rally on hopes of a stable currency and lower interest rates driving corporate earnings.<\/p>\n The decision to cancel the meeting comes as several new members of the MPC<\/span> are yet to be approved by lawmakers, a situation resulting from a standoff between Nigeria\u2019s presidency and parliament over the latter\u2019s powers to confirm or deny executive nominees to key posts within the government.<\/p>\n At least five of the MPC\u2019s 12 members are due to be replaced after retiring last year.<\/p>\n Analysts say the stalemate could damage investor confidence in the economy which is already fragile and risk derailing reforms badly needed to boost growth.<\/p>\n The index of Nigeria\u2019s top 10 lenders fell 4.1 percent to lead the decliners.<\/p>\n Fidelity Bank shed 9.2 percent to fall the most. Dangote Cement, which accounts for a third of market capitalisation, fell 4.8 percent.<\/p>\n REUTERS<\/p>\n","protected":false},"excerpt":{"rendered":" Jan 23, 2018: Nigerian stocks fell 2.7 pct to a one-week low on Tuesday after the central bank called off an interest rate meeting scheduled for Jan. 22-23. The central bank said the meeting was not held due to its inability to form a quorum,adding that it will maintain its benchmark interest rate at 14 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[66],"tags":[],"yoast_head":"\n