Skip to main content


 Central Bank of Nigeria raises interest rate from 13% to 14%


The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent to tame rising inflation.

In June, Nigeria’s headline inflation rate reached a five-year high at 18.60 percent.


The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.


Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the Central Bank of Nigeria, said the hike in interest rate would help in taming the rising inflation.


The Interest Rate Hike is the second consecutive time the apex bank will be raising the benchmark rate this year.

At its last meeting in May, the committee also raised MPR from 11.5 percent to 13 percent over the surge in fuel and food costs.

Emefiele said the committee members voted to hike the rate by 100 basis points and retained the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 percent.

During its third quarterly media briefing in 2022 on the state of the Nigerian economy, the Lagos Chamber of Commerce and Industry (LCCI) advised CBN to roll out more friendly supply-side policies to boost productive sectors.

Comments

Post a Comment

Popular posts from this blog

NGF Promises Improved Minimum Wage Amid Ongoing Negotiations

The Nigeria Governors' Forum (NGF) has assured Nigerians and organized labor that negotiations are underway to establish a better minimum wage. This comes after the governors previously rejected the Federal Government's proposal of N62,000, citing that some states would need to borrow to pay salaries. Despite this, organized labor continues to push for a wage of N250,000. Nigeria Governor's Forum  Following the Federal Executive Council's postponement of the minimum wage discussion, the governors held an emergency meeting, which extended into the early hours of Thursday. According to a communiqué signed by NGF acting Director, Media, Ahmed Salihu, the forum discussed various national issues, including the new national minimum wage. The governors agreed to continue engaging with key stakeholders to reach a mutually acceptable solution, assuring that better wages will result from the ongoing negotiations. They also discussed the World Bank-Nigeria for Women Project Scale-...
1 comment
Read more

Bridging Digital Divides: Empowering People with Special Needs and Uniting Communities Through Technology

By Abdullahi Abdulhafiz Aliyu In today’s fast-changing digital landscape, access to technology is no longer a luxury—it is a necessity. Yet, for millions of Nigerians, especially people with special needs, the digital world remains out of reach due to systemic barriers and a lack of inclusive learning opportunities. My work as a journalist and digital advocate has focused on breaking these barriers, ensuring that technology serves as a tool for empowerment rather than exclusion. Through my engagement with individuals with disabilities and as the host of Duniyar Fasaha (Fasaha World) on Unity FM, I have worked to bridge the digital divide by providing foundational digital education to marginalized groups. By introducing people with special needs to basic computer skills such as Microsoft Word, Excel, PowerPoint, and internet navigation, I have witnessed firsthand how technology can unlock new opportunities and transform lives. Digital Skills for Special Needs: A Path to Inclusion Inclu...
1 comment
Read more

Tragedy at the National Assembly: Customs Officer Passes Away

Tragedy struck at the National Assembly on Tuesday when a senior officer of the Nigeria Customs Service passed away during a meeting with a House Committee. According to a statement released by House Spokesman Akin Rotimi, the officer suddenly fell ill at approximately 1 pm and despite prompt medical attention from first responders and the National Assembly Clinic's medical team, sadly succumbed to his condition. Nass Out of respect for the family's privacy, the officer's identity has not been disclosed at this time. The House of Representatives extends its heartfelt condolences to the family, friends, and colleagues of the deceased and stands ready to support investigations into the circumstances surrounding the incident.
Post a Comment
Read more