Economy

CBN: Cardoso reveals what MPC will do to bring down Nigeria’s inflation

Published

7 months ago

May 14, 2024

Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has said that the members of the Monetary Policy Committee, MPC, would do whatever is necessary to get a handle on the country’s persistent inflation.

Cardoso said this in an interview with the Financial Times on Monday.

According to him, “every indication” is that the monetary policy committee would “do whatever is necessary” to keep soaring inflation in check.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

The development comes as the next MPC meeting is scheduled for May 20-21, 2024.

Meanwhile, by raising interest rates, MPC continued to tighten its stands against inflation, which stood at 33.22 per cent in March.

Since the emergence of Cardoso, the interest rate has increased twice from 18.50 per cent to 24.75 per cent.

Economy

Breaking: CBN jacks up Interest Rate To 27.5 Per Cent

Published

6 hours ago

November 26, 2024

Naijablitznews

The Central Bank of Nigeria, CBN has increased interest rate to 27%.

This followed the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The monetary policy rate measures the benchmark interest rate.

The CBN governor Yemi Cardoso announced this in Abuja on Tuesday during the last MPC meeting of the year at the apex bank’s headquarters.

Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN chief also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Economy

CBN raises interest rate to 27.5%

Published

11 hours ago

November 26, 2024

Naijablitznews

By Francesca Hangeior

The Monetary Policy Committee of the Central Bank of Nigeria has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from 27.25 per cent in September 2024.

The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja.

“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 per cent,” he said.

Cardoso noted that the decision to raise the country’s Monetary Policy Rate is to tackle inflation, which stood at 33.87 per cent in October 2024.

He also announced that the Cash Reserve Ratio was retained at 50 basis points, from 45 per cent to 50 per cent for deposit money banks and from 14 per cent to 16 per cent for merchant banks.

Economy

Naira depreciates to N1,770/$ in parallel market

Published

15 hours ago

November 26, 2024

Naijablitznews

The Naira on Monday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.