Business Maverick: Nigeria Hikes Key Rate to Three-Year High With More to Come

The monetary policy committee voted to hike the rate by 100 basis points to 14%, Governor Godwin Emefiele said in a televised briefing in the capital, Abuja, on Tuesday. Four of eight economists in a Bloomberg survey forecast an increase — with only two predicting that margin. The last time the MPC hiked at two consecutive meetings was in 2011.

, Emefiele said. The committee expressed its resolve to “restore price stability, while providing the necessary support to strengthen our fragile economy,” he said.of 18.6% in June and has exceeded the 9% ceiling of the central bank’s target band for seven years. The MPC’s decision to hike was unanimous, with six members voting to raise by 100 basis points, three by 50 basis points and one each calling for increases of 75 and 150 basis points.

Source: News Formal (newsformal.com)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Expect a big interest rate hike this week: economistsSouth African businesses and consumers should plan for a big interest rate hike this week – with more to come in the months ahead, economists warn. Motswana50 Yeses, ke busetsa ntlo ko bankeng straight Joan_MG Ausi!!! Expecting another increase from the FED as well so ke sure re dlala catch up
Source: BusinessTechSA - 🏆 24. / 61 Read more »

MPC preview: Fifth successive rates hike expectedMarkets pricing in higher rates and higher inflation expectations cement case for 50bps hike I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Mike_Rosehart , and I gave Bitcoin trading another try, I successfully withdrew R240,000 after two weeks of trading, am so grateful Mike_Rosehart thank you.
Source: BDliveSA - 🏆 12. / 63 Read more »

Backyard vegetable garden births three-hectare farmIt has taken Cynthia Mokgobu only three years to grow her business from a small vegetable garden in her backyard to a successful three-hectare farm in Bochum, Limpopo. She is my Neighbor. She works very hard. May she realise all her dreams 🤝
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Another interest rate hike expectedHigher wage demands will support the case for the Reserve Bank to hike interest rates again this week. 😪 Cyril Ramaphosa is a colossal failure. 🙏🙏🙏🙏
Source: eNCA - 🏆 49. / 51 Read more »

Gold climbs as dollar softens amid focus on Fed rate hikesSpot bullion climbed 0.4% to $1,713.49 per ounce after falling to its lowest in nearly a year last week
Source: BDliveSA - 🏆 12. / 63 Read more »

Business chat app Slack is hiking its pricesSlack will increase prices for its platform, its first price hike since its 2014 launch, as the company seeks to invest more in innovation.
Source: TechCentral - 🏆 8. / 71 Read more »