Friday, August 14, 2020

Tag "Monetary Policy Committee (MPC)"

    Eid-el Fitr holiday: CBN shifts MPC meeting to Thursday

Eid-el Fitr holiday: CBN shifts MPC meeting to Thursday

The May 2020 meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria has been earlier scheduled to hold on Monday and Tuesday, May 25 and 26 has been postponed. A statement signed by Isaac Okorafor, director of CBN corporate communications department, said the meeting will now hold on Thursday, May 28. This means that the usual two-day meeting [...]

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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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    CBN retains interest rate at 14%, seeks speedy budget implementation

CBN retains interest rate at 14%, seeks speedy budget implementation

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has kept the monetary policy rate at 14 percent. Godwin Emefiele, CBN governor, announced the committee’s decision at the end of its 263rd meeting held at the bank’s headquarters in Abuja on Tuesday. The MPR has been set at a record high 14 percent since July 2016 to combat rising [...]

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    CBN MPC maintains rates to ‘get more clarity’

CBN MPC maintains rates to ‘get more clarity’

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained interest rate at 14 percent, the country's highest in 10 years. The committee has maintained this decision for 22 consecutive months. In July 2016, the committee hiked interest rates to combat rising inflation at that time. Announcing the committee's decision on Tuesday, Godwin Emefiele, CBN governor, said [...]

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4 reasons why CBN retained key economic rates

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday, in its 239th meeting, presided by CBN governor, Mr Godwin Emefiele, retained the monetary policy rate (MPR), also called interest rate, at 12 per cent with a corridor of +/- 200 basis points. This is the 15th consecutive time the rates have remained unchanged as it also [...]

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    ANALYSIS: Expect higher rates as MPC meets

ANALYSIS: Expect higher rates as MPC meets

Whichever way it ends, the Monetary Policy Committee (MPC)’s meeting on Monday portends higher costs of living for Nigerians. The meeting of the MPC, the organ of the Central Bank of Nigeria (CBN) responsible for monetary policy formulation, centres on the value of the naira. If members choose to devalue the currency, Nigerians will pay more for virtually everything, from bread to clothes. [...]

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