The Central Bank of Nigeria , yesterday, raised the Monetary Policy Rate , which measures interest rate from 16.5 per cent to 17.5 percent to tame inflation, even as economists disagree with the move, citing unaddressed inflation drivers. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee meeting in…The Central Bank of Nigeria , yesterday, raised the Monetary Policy Rate , which measures interest rate from 16.5 per cent to 17.
The CBN governor said the committee considered perennial scarcity of Premium Motor Spirit known as petrol, the 2023 general elections, continuous rise in energy prices, exchange rate pressure, as well as continuous rise in insecurity. Some stakeholders, however, disagreed with the apex bank, noting that the rate hike will hurt investors in the real economy.
He identified key drivers of inflation to include, exchange rate depreciation, foreign exchange market illiquidity, insecurity, high energy cost, especially diesel cost, climate change and the massive injection of liquidity into the economy through the controversial ways and means financing.On his part, the Chief Executive Officer of Dairy Hills Limited, Kelvin Emmanuel, said raising the MPR in spite of the December inflation numbers showed ease in core inflation to 21.
On his part, Prof. Pat Utomi has cautioned the MPC against further increases in the interest rate to avoid possible cost-push inflation in the country. Prof Uche Uwaleke said the hike is not good news for struggling businesses in Nigeria and for output growth in general.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
Morocco votes to review ties with European Parliament | The Guardian Nigeria News - Nigeria and World NewsMoroccan lawmakers on Monday voted unanimously to review ties with the European Parliament, accusing it of meddling after a resolution that urged the kingdom to respect press freedom.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Pakistan hit by nationwide power outage | The Guardian Nigeria News - Nigeria and World NewsA massive power breakdown in Pakistan on Monday affected most of the country’s more than 220 million people, including in the mega cities of Karachi and Lahore. Pakistan’s electricity distribution system is a complex and delicate web, and a problem in one section of the grid can lead to cascading breakdowns across the country. The […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Burkina Faso confirms asking France to withdraw troops | The Guardian Nigeria News - Nigeria and World NewsThe Burkina Faso government clarified on Monday that it has asked France to pull its troops out of the insurgency-hit country within a month. France has around 400 special forces soldiers stationed in junta-ruled Burkina, but relations have deteriorated in recent months. “We are terminating the agreement which allows French forces to be in Burkina […] France has nothing to offer, just opportunist..hear France still control francophones wealth and reserves
Source: GuardianNigeria - 🏆 1. / 94 Read more »
SERAP sues Buhari, others over electricity tariff hike | The Guardian Nigeria News - Nigeria and World NewsSocio- Rights and Accountability Project (SERAP) has sued President Muhammadu Buhari and three others at the Federal High Court, Lagos over failure to “reverse the unlawful, unjust and unreasonable increase in electricity tariff and to probe the spending of public funds as ‘investments and bailouts’ to DisCos (Distribution Companies) and GenCos (Generation Companies) since 2005.” You haven't bring any tangible result for the past 7 years you have been sueing Bihari and others Hopefully the auditors are checking the financial book of SERAP. Never won a single case against our great President. Very shameful!!!
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Man City sign Perrone from Velez Sarsfield | The Guardian Nigeria News - Nigeria and World NewsManchester City signed promising Velez Sarsfield midfielder Maximo Perrone in a deal worth a reported £8 million ($9.9 million) on Monday.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Nubari, Gbolahan, Lorelay win Azimuth junior tennis tourney | The Guardian Nigeria News - Nigeria and World NewsThe finals of Azimuth Shipping Lines Junior Tennis Tournament produced unexpected winners, as Gbolahan Olawale from Ondo State and Lorelay Holzendorf from Edo State, were outstanding in the boys and girls’ 14 finals.
Source: GuardianNigeria - 🏆 1. / 94 Read more »