Friday, February 23, 2024
Home Uncategorized MONETARY POLICY: CBN RAISES INTEREST RATE TO 18.75%

MONETARY POLICY: CBN RAISES INTEREST RATE TO 18.75%

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 25 basis points to 18.75 per cent.

The Acting CBN Governor, Folashodun Shonubi, disclosed this while reading the communiqué of the fourth MPC meeting of the year in Abuja

He said, “In summary, the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 per cent.”

Addressing journalists at the end of the two-day meeting in Abuja, Shonubi says, the committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.

Analysts’ expectations had been divergent ahead of the first MPC meeting after the suspension of Godwin Emefiele as the governor of the CBN.

It’s could be recalled that, the CBN started its monetary policy tightening cycle in May 2022, with its benchmark interest rate rising from 11.5 per cent to 18.5 per cent in May this year.

President Bola Ahmed Tinubu had said interest rates needed to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

RELATED ARTICLES

NIGERIA CUSTOMS ENGAGES STAKEHOLDERS ON PORT DECONGESTATION, 48- HOUR CARGO CLEARANCE

The Comptroller-General of Customs, Adewale Adeniyi on Monday, 6 November 2023, in Lagos, convened a meeting with stakeholders to address the urgent need for...

INTER-AGENCY PARTNERSHIP: ACTING CUSTOMS CG RECEIVES PRESIDENTIAL AMNESTY PROGRAMME’S LEADERSHIP, ASSURES STRONG COLLABORATION

  In his continuous effort to enhance trade in Nigeria through the implementation of new policies that will consolidate the country's economy, the Acting Comptroller-General...

NATIONAL SECURITY: CUSTOMS, DSS, SYNERGIZE TO INTENSIFY ONSLAUGHT AGAINST SMUGGLERS

The Nigeria Customs Service (NCS) says it will continue to enhance its strong collaboration with the Department of State Services (DSS) to combat the...

Most Popular

NIGERIA CUSTOMS DISBURSE SEIZED FOOD ITEMS IN LAGOS

The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi  has expressed commitment to align with President Bola Tinubu-led administration's plans to tackle the pressing issue...

DSS ENJOINS ORGANISED LABOUR TO SHUN PROTEST IN THE INTEREST OF PEACE

The Department of State Services (DSS) has called on the Nigeria Labour Congress to shun planed nation wide protest which suppose to hold  between 27th...

MELE KYARI HIGHLIGHTS ENERGY SECURITY’S ROLE IN WEALTH CREATION

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd),  Mele Kyari, says no public wealth creation endeavour can achieve...

CUSTOMS COLLABORATES WITH DIA  TO ENHANCE BORDER SECURITY

Nigeria Customs service says it's collaborating with the Defence intelligence Agency  to maintain and deepen the existing relationships between NCS and the DIA. Comptroller General...

Recent Comments