MPC
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economy
CPPE urges MPC to halt interest rate hikes amid stretched policies
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Monetary Policy Committee (MPC) to halt interest rate hikes at its forthcoming meeting due to already stretched monetary policy instruments. Dr Muda Yusuf, Chief Executive Officer of CPPE, made the call in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. NAN reports that…
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economy
MPC likely to increase lending rate by another 100 basis points-expert
As the Monetary Policy Committee (MPC) meets on Monday, a financial expert, Prof. Uche Uwaleke, says the committee will likely increase the baseline lending rate by another 100 basis points. Uwaleke, a Professor of Capital Market and the President of Capital Market Academics of Nigeria, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in…
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economy
Naira appreciation: some sectors may witness drop in prices – -economist
A development economist, Prof. Ken Ife, says some sectors may soon witness a drop in prices as the naira appreciates against the dollar. Ife said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He said the sectors likely to witness a decrease in prices included those strongly dependent on transport, diesel, and imported…
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economy
Inflation targeting: CBN again raises benchmark interest rate
The Central Bank of Nigeria (CBN) on Tuesday announced further tightening of monetary policy by raising the Monetary Policy Rate (MPR) by 200 basis points, to 24.75 percent from 22.75 percent. The Governor of the CBN, Yemi Cardoso, made this known while presenting the communiqué from the 294th meeting of the apex bank’s Monetary Policy Committee (MPC). Cardoso also announced…
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economy
CBN clears $1.5bn outstanding fx transactions, eliminates legacy backlog
The Central Bank of Nigeria (CBN) says all valid foreign exchange backlogs have now been settled. This is according to a statement by CBN’s Acting Director, Corporate Communications, Mrs. Hakama Sidi. Sidi said that the step was in fulfilment of a key pledge of the CBN Governor, Yemi Cardoso, to process an inherited backlog of seven billion dollars in claims.…
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economy
Investors oversubscribe CBN N1trn OMO bills
The Central Bank of Nigeria (CBN) has successfully concluded the sale of government securities following the issuance of N1.053 trillion (680 million dollars) in short-term instruments. A statement issued on Sunday night by CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi, stated that the sale is part of its liquidity management exercise. Sidi said that the apex bank’s N500…
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economy
Stock market declines further by N773bn on MPR hike
Transactions on the stock market closed negative on Tuesday for the secondary day, depreciating further by 1.38 percent in reaction to the outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The News Agency of Nigeria (NAN) reports that CBN, at the bi-monthly MPC meeting, raised the benchmark lending rate by 400 basis points…
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economy
Naira grossly undervalued – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, says the naira is grossly undervalued. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 293rd meeting of the apex bank’s Monetary Policy Committee (MPC). He said that the foreign exchange market had not been functioning effectively and had been distortionary in outcome, thereby…
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Featured
CBN sets date for MPC meeting
The Central Bank of Nigeria has announced its Monetary Policy Committee meeting would be held on March 20 and 21, 2023. The two-day meeting, according to the apex bank, would be held in Abuja. The apex bank disclosed this on its website, monitored by our correspondent on Tuesday. The members of the committee include Godwin Emefiele, Governor, CBN, (Chairman); Aisha…
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economy
MPC: CBN retains MPR at 11.5%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday announced a retention of the country’s Monetary Policy Rate (MPR) at 11.5 per cent. At the end of the first MPC meeting in 2022, Mr Godwin Emefiele, the CBN Governor, announced that the committee also unanimously agreed to retain all other monetary policy parameters. The Cash Reserved…
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