Tuesday, July 23, 2019

Tag "Inflation"

    Otunuga: Why CBN may cut key interest rates again

Otunuga: Why CBN may cut key interest rates again

Lukman Otunuga, research analyst at FXTM, says the Central Bank of Nigeria (CBN) would likely cut interest rates further if macro economic conditions in the country improve.Otunuga was reacting to an announcement by Godwin Emefiele, CBN governor, which detailed a reduction in benchmark interest rate, on Tuesday.Pegged at 14% for almost three years, the monetary policy rate (MPR), otherwise known as [...]

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    Four states record slow growth in food prices as inflation hits 11.31%

Four states record slow growth in food prices as inflation hits 11.31%

Benue, Delta, Kogi and Ondo states have recorded a slow growth in food prices just as consumer price index (CPI) slowed to 11.31% in February.  This is according to the February CPI and inflation report the National Bureau of Statistics (NBS) released on Friday.The report said year on year, CPI which measures inflation, was lower by 0.06 percent points than [...]

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    Emefiele describes Atiku’s proposed plan to float naira as ‘road to perdition’

Emefiele describes Atiku’s proposed plan to float naira as ‘road to perdition’

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has warned that floating the naira would be disastrous to the nation’s economy.Emefiele said this during the monetary policy committee (MPC) meeting of the apex bank in Abuja.In November 2018, Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), had said it was worth the risk to float [...]

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    Food prices push Nigeria’s inflation rate to 11.28%

Food prices push Nigeria’s inflation rate to 11.28%

The consumer price index, which measures inflation, stood at 11.28% in September from 11.28% recorded in August on a year-on-year basis, data from the National Bureau of Statistics have shown.Going by the inflation report released by the bureau on Tuesday, this is the second consecutive month of inflation rise after 18 consecutive months of decline."On a month-on-month basis, the Headline [...]

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    Nigeria’s inflation rises for the first time after 18-month decline

Nigeria’s inflation rises for the first time after 18-month decline

Nigeria's inflation has risen for the first since it started its decline in January 2017.This is according to the latest inflation report published by the National Bureau of Statistics on Friday.According to the report, the rate at which prices of goods and services increased in August rose to 11.23% from 11.14%."The consumer price index, (CPI) which measures inflation increased by [...]

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    Inflation now 1.28% points lower than FG’s 2018 projection

Inflation now 1.28% points lower than FG’s 2018 projection

Data made available by the National Bureau of Statistics (NBS) show that year-on-year inflation dropped to 11.14% in July; 1.28% points beneath the federal government's projection.In the 2018-2020 Medium Expenditure Framework and Fiscal Strategy paper, the federal government had projected that inflation would moderate at 12.42%.According to the bureau, the figure is 0.09% points less than the 11.23% recorded in [...]

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    CBN ‘may increase’ monetary policy rate if inflation persists

CBN ‘may increase’ monetary policy rate if inflation persists

The Central Bank of Nigeria (CBN) may increase monetary policy rate (MPR) if inflationary pressures do not abate, Joseph Nnanna, deputy governor of the apex bank, has told Bloomberg.Nnanna said although the monetary policy committee (MPC) wants to keep the major determinant of interest rate positive, the anticipation of increased spending ahead of the 2019 elections could slant some members’ votes toward [...]

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    Rewane: We must prepare, inflation will start increasing from August

Rewane: We must prepare, inflation will start increasing from August

Bismarck Rewane, economic analyst and chief executive officer of Financial Derivatives Company, says consumers must prepare for rising inflation from August 2018.Speaking on a programme on Channels TV on Monday, Rewane said there are predictions that Nigeria will be a high inflation environment in 2019.The National Bureau of Statistics released the June Inflation report on Monday, which showed that inflation [...]

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    Nigeria’s inflation rate rises month-on-month

Nigeria’s inflation rate rises month-on-month

The rate at which the prices of good and services are increasing is rising.Data made available by the National Bureau of Statistics on Monday showed that month-on-month inflation rose from 1.09 percentage points in May to 1.24 percentage points in June.However, year-on-year inflation slowed from 11.61 percentage points in May to 11.23 percentage points in June, marking the 17th consecutive [...]

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    IMF: Nigeria’s inflation rate to rise in second half of 2018

IMF: Nigeria’s inflation rate to rise in second half of 2018

The International Monetary Fund (IMF) says inflation rates will rise in the second half of 2018 as consumer spending increases and agricultural output drops.Lucie Fouda, IMF’s Africa press officer, said a delegation led by Amine Mati, senior resident representative and mission chief for Nigeria, between June 27 and July 9.According to Mati, even though crude oil prices are higher, the [...]

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    We recovered N731bn bad loans in seven years, says AMCON MD

We recovered N731bn bad loans in seven years, says AMCON MD

The Asset Management Corporation of Nigeria (AMCON) says it recovered bad loans worth N731bn, excluding clawbacks, from the start of its operations in 2010 up to December 2017.Assets in form of properties accounted for about 35 percent of the total amount recovered in the seven-year period.Ahmed Kuru, managing director, AMCON, made the disclosure while declaring open a two-day Asset Sales [...]

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    Nigeria inflation declines further in May ECB in focus

Nigeria inflation declines further in May ECB in focus

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years.With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest rate cut seems likely before year-end.The combination of easing inflationary pressures, improving economic fundamentals and ongoing foreign exchange stability could [...]

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    Inflation drops to 11.61% — below FG’s 2018 target

Inflation drops to 11.61% — below FG’s 2018 target

Nigeria's annual inflation has dropped to 11.61% in May, below the federal government's projection of 12.42% set in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.This is the 16th straight month of decline in inflation.Food inflation declined to 13.45% from 14.80% in April.According to the Consumer Price Index for May 2018 released on Wednesday, the highest increases were [...]

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    Inflation drops to 12.48 percent — slightly higher than FG’s 2018 projection

Inflation drops to 12.48 percent — slightly higher than FG’s 2018 projection

Data made available by the National Bureau of Statistics show that inflation rate has again slowed to 12.48 percent in April from the 13.34 percent recorded in March.This figure is 0.6 percentage points higher than the federal government's inflation projection of 12.42 percent for 2018 as contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper."The GDP is [...]

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    Aishah Ahmad: 2019 election spending may increase inflation

Aishah Ahmad: 2019 election spending may increase inflation

Aishah Ahmad, deputy governor at the Central Bank of Nigeria (CBN), says the anticipated spending for the 2019 election may have inflationary effects on the economy.Speaking at the April monetary policy committee meeting, Ahmad said there is a need for urgent passage of the 2018 budget to boost investment and economic output."The anticipated huge fiscal spending for the proposed 2018 [...]

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    Inflation declines — and it’s the biggest drop in 11 months

Inflation declines — and it’s the biggest drop in 11 months

Data made available by the National Bureau of Statistics (NBS) shows that inflation has again slowed; this time by 0.99 percent points which is the biggest drop in 11 months.In the Consumer Price Index and Inflation Report for March 2018, the NBS said inflation rate has dropped in 13.34 percent from 14.33 percent in February.This is the 14th consecutive month [...]

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Exchange Rates

July 22, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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