The Central Bank of Nigeria’s (CBN) bid to take control of the nation’s fixed-income market has triggered regulatory controversies in Nigeria’s financial sector.
While the apex bank insists the move will enhance transparency and efficiency, analysts and market operators warn that it risks upsetting the balance between monetary policy oversight and capital market regulation.
Behind this institutional tension lies a revealing data point: Nigeria’s top-tier banks, also called the FUGAZ group (First HoldCo, UBA, GTCO, Access Corp, Zenith), collectively invested N49.152 trillion in Securities and Treasury bills placements, according to the financial statements filed with the Nigerian Exchange (NGX) Group.