Wednesday, November 14, 2018

Tag "monetary policy committee"

    CBN MPC retains interest rate at 14% for 11th consecutive time

CBN MPC retains interest rate at 14% for 11th consecutive time

The monetary policy committee of the Central Bank of Nigeria has retained monetary policy rate at 14% for the 11th consecutive time.The rates were first raised in July 2016 to combat rising inflation.Briefing journalists on Tuesday at the end of the committee's two-day meeting, Godwin Emefiele, governor of the apex bank, said seven of the nine committee members voted in [...]

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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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    Spend or save: CBN’s confusing policy signals

Spend or save: CBN’s confusing policy signals

The Central Bank’s monetary policy committee ended its meeting in June last year blaming the fiscal authorities for not spending enough to propel economic recovery. The committee’s next meeting since then has just ended on 4th April 2018 with a call on the fiscal authorities to freeze growth in aggregate expenditure and revenue distributions and start saving. This is [...]

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    Emefiele says March MPC meeting will be postponed

Emefiele says March MPC meeting will be postponed

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the monetary policy committee meeting scheduled for March will be postponed.Speaking with CNBC on Thursday, Emefiele said the meeting will be delayed for seven to 10 days or hold in the first week of April at the latest.The meeting had been previously scheduled to hold between March 19 and March [...]

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    CBN retains monetary policy rates — in spite of quorum crisis

CBN retains monetary policy rates — in spite of quorum crisis

The Central Bank of Nigeria (CBN) says it will retain all monetary policy rates after its monetary policy committee could not hold its first meeting in 2018.The meeting, which was scheduled to hold on January 22 and 23, could not hold after the senate refused to approve members appointed to replace retired members of the committee.The committee, which comprises of [...]

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    MPC meeting ‘stalled’ over senate’s refusal to confirm CBN nominees

MPC meeting ‘stalled’ over senate’s refusal to confirm CBN nominees

The refusal of the senate to confirm presidential nominees for vacant positions in the Central Bank of Nigeria (CBN) has affected the first monetary policy committee (MPC) meeting of 2018, according to Channels TV.The meeting was initially scheduled for January 22 and January 23.But quoting sources, the television station said the apex bank would issue a statement on Monday to announce the [...]

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    Emefiele ‘optimistic’ MPC members will be confirmed by senate

Emefiele ‘optimistic’ MPC members will be confirmed by senate

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the issue with the confirmation of members that would make up the monetary policy committee (MPC) is being dealt with.The governor made this known in an interview with Bloomberg on Thursday.TheCable had reported that the committee might not be able to meet in January as a result of the [...]

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    CBN ‘may reduce’ CRR for SME-friendly banks

CBN ‘may reduce’ CRR for SME-friendly banks

Godwin Emefiele, governor of the Central Bank of Nigeria, says the cash reserve ratio (CRR) of banks who lend a certain portion of funds to small and medium scale enterprises (SMEs) may be reduced.Emefiele made this known on Sunday while addressing journalists at the end of the ninth Banker's Committee retreat in Lagos.The CRR is used to determine the minimum [...]

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    Inflation rate will drop to single digit by 2018, says Emefiele

Inflation rate will drop to single digit by 2018, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says inflation rates are projected to drop and record high single-digit rates mid-2018.Emefiele made this known to Journalists on Friday while attending an investment conference at the London Stock Exchange.While annual inflation in Nigeria eased down to 15.98 percent on rising food prices in September, Emefiele said that an inflation [...]

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    Naira strengthens as CBN MPC meets

Naira strengthens as CBN MPC meets

The naira appreciated against the dollar on Monday, coinciding with the 257th meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN).The naira had previously traded at N320.50 to a dollar and N415.20 and N369.05 to the pound and euro respectively.At the parallel market, the Nigerian currency traded at N367 to the dollar while the pound [...]

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    CBN: Recession may hit Nigerian economy in 2016

CBN: Recession may hit Nigerian economy in 2016

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the Nigerian economy may plunge into recession in 2016.Speaking after the Monetary Policy Committee (MPC) of the CBN in Abuja on Tuesday, Emefiele highlighted reasons why such development could occur.“The committee noted that liquidity withdrawals following the implementation of the treasury single account, elongation of the tenure of state [...]

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    CBN’s retention of 12% interest rate ‘hawkish’

CBN’s retention of 12% interest rate ‘hawkish’

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) was split in its decision to retain monetary interest rates at 12%, forcing an analyst to describe it as "hawkish".CBN Governor Godwin Emefiele (pictured) said the 12-member committee was divided in reaching a decision on the sustained interest rate.While six members voted to retain the current stance of the policy, five voted for an [...]

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    [ANALYSIS] What’s going on in Emefiele’s head?

[ANALYSIS] What’s going on in Emefiele’s head?

By the time Godwin Ifeanyi Emefiele’s plan, as unveiled Thursday June 5, for the Central Bank of Nigeria (CBN) starts to yield results, this economy would begin to work again.There will be room for everyone who wants to work or do business. There will be space for big business and also for small business. His brand of central banking, anchored [...]

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    Interest rates are unchanged, but 2015 polls cause for worry

Interest rates are unchanged, but 2015 polls cause for worry

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) ended its two-day meeting Tuesday leaving the key interest rate and banking ratios unchanged.It was satisfied with the stability in the economy within the period it reviewed (March 26-May 16), but warned of threats to price stability in the medium term. It last met in March.MPC, which has responsibility [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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