• Naira gets weaker as recession deepens while CBN maintains monetary policy

    Naira gets weaker as recession deepens while CBN maintains monetary policy

    Tuesday saw the naira weakening against the dollar, few hours after the CBN maintained its benchmark interest rate at 14 per cent, and endorsed the crackdown on parallel market traders by security operatives.

    It lost N5 to exchange at N470 to the dollar at the parallel market from N465 it traded on Monday, while the Pound Sterling and the Euro closed at N565 and N495, respectively.

    At the Bureau De Change window, the naira was sold at N390, CBN controlled rate, while the Pound […]

  • Monetary policy rate to remain at 14 per cent despite recession -CBN

    Monetary policy rate to remain at 14 per cent despite recession -CBN

    The CBN Governor, Mr. Godwin Emefiele, has announced the decision of the Monetary Policy Committee of the Central Bank of Nigeria committee to leave the Monetary Policy Rate unchanged at 14 per cent.

    At the end of a two-day meeting held at the apex bank’s headquarters in Abuja, Emefiele explained that all the 10 members that attended the meeting agreed to maintain the current monetary policy stance.

    Apart from the MPR which was retained at 14 per cent, the governor said the committee also […]