• Manufacturers urge CBN to reduce interest rate in the interest of the sector

    Manufacturers urge CBN to reduce interest rate in the interest of the sector

    The Manufacturers Association of Nigeria (MAN), yesterday pleaded for a rate cut to revive the sector, stressing that the Monetary Policy Rate (MPR) at 14 per cent by the apex bank would retard the sector’s growth.

    President Frank Jacobs, president of MAN, told the News Agency of Nigeria (NAN) in Lagos that the 14 per cent MPR would not boost domestic production.

    He said maintaining the present rate would prevent manufacturing from coping with the current recession.

    Central Bank Governor Godwin Emefiele had […]

  • CBN committee refuses to reduce high interest rate

    CBN committee refuses to reduce high interest rate

    The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has opted to maintain benchmark interest rate at record-high, intensifying its battle against inflation.

    Godwin Emefiele, governor of the CBN, who made the disclosure at the central bank headquarters in Abuja, said the committee decided that monetary policies alone could not totally save the economy.

    He also called on the fiscal side of government to complement the CBN’s monetary policies.

    All ten members of the MPC voted to keep interest rate […]

  • Why CBN raises interest rate 12% to 14%

    Why CBN raises interest rate 12% to 14%

    The Central Bank of Nigeria, monetary policy committee has raised interest from 12% to 14%, the Apex bank governor , Gofwin Emefiele told reporters in Abuja.

    The committee also voted to retain cash reserve ratio at 22.5% and left the asymmetric corridor around MPC retained at +200 basis point(BPS) & -500 basis points(BPS) while Liquidity ratio was kept at 30%.

    These decisions was made at the first meeting held in Abuja on Tuesday, July 26, 2016 since the introduction of the new […]

  • CBN meets over volatile naira, interest rate in Abuja

    CBN meets over volatile naira, interest rate in Abuja

    The Monetary Policy Committee (MPC) is set to review recent developments in the global and domestic economy at a crucial two day meeting commencing tomorrow in Abuja.

    Topping the agenda for the meeting is the volatility of the naira in the parallel market in the aftermath of the introduction of the flexible forex policy regime, likely interest rate hike, and rising inflation.

    Ahead of the meeting, the Central Bank (CBN) has lifted the ban on forex sales to bureaux de change (BDC) […]