The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points, from 24.75% to 26.25%. This decision is part of ongoing efforts to achieve price stability and curb inflation. The committee also maintained the asymmetric corridor at +100 and -300 basis points, with the … Read more
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar. According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar. On Tuesday, total turnover was $245.58 million, up from $222.15 million on … Read more
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate in a move aimed at tackling rising inflation. The new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%. Speaking to journalists after the MPC meeting, CBN Governor Yemi … Read more
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), claims that he and his team are not to blame for the country’s current economic troubles. He made this statement on Tuesday in Abuja during the apex bank’s first Monetary Policy Committee (MPC) meeting since taking office in September 2023. The governor of the … Read more
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 percent, up from 18.75 percent. Governor of the Central Bank of Nigeria, Yemi Cardoso, said this following the first MPC meeting of the year on Tuesday in Abuja. The MPC also … Read more