The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which is the official interest rate, by yet another 100 basis point to hit 16.5
The Monetary Policy Committee of the apex Bank announced the decision on Tuesday at the end of its bi-monthly meeting in Abuja.
CBN governor, Godwin Emefiele, who chaired the meeting, said MPC took the decision to moderately tighten the rates to ensure the gains of the past tightening were not eroded by a listening or holding of the rates. 11 members of the committee attended the meeting. While 10 members voted to increase the MPR by 100 basis point, one member voted for a reduction.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysts expect MPC to raise lending rateAnalysts at Cordros Securities have predicted that the Monetary Policy Committee of the Central Bank of Nigeria will raise the Monetary Policy Rate at the end of its two-day meeting today, Tuesday.
Read more »
Naira redesign: CBN sets countdown clock on its website | TheCableThe Central Bank of Nigeria (CBN) has set a countdown clock on its website showing the deadline for three banknotes in circulation. The apex bank had announced plans to redesign, produce, release
Read more »
Auto Finance Scheme: NADDC Commences Talks With CBN, BoI, OthersThe National Automotive Design and Development Council (NADDC) has commenced discussions with the Central Bank of Nigeria (CBN), the Bank of Industry (BoI)
Read more »
Debt: Court orders CBN to deduct N40bn Ebonyi allocationThe Port Harcourt Division of the Federal High Court, has ordered the Central Bank of Nigeria to commence deduction of over N40billion from the Federation Allocation Account, for Ebonyi State Government and remittance of same to a consulting firm.
Read more »