CBN Increases Interest Rate To 22.75%
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- Опубліковано 1 сер 2024
- The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent.
Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday.
“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 per cent from 18.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points,” he said.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.
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Thanks to the Gov. I feel rejuvenated and hopeful like the time of Alan Greenspan in the U S. I was particularly impressed by his calmness and clarity in tone as he delivered and answer questions. His body language and eye contact will reassure the world of Nigeria readiness to do business. Kudos to Cardoso and Nigeria.
Mr. Michael, I hope your expectations are founded. I am not, however, hopeful that Mr. Cardozo’s remedy is the panacea for Nigeria’s woes, a country that is so import-dependent that it can’t even feed its people.
Good observation! The governor looks calm and has good non verbal disposition. He gives a lot of confidence! Am strongly hopeful the economy will shape up.
Wonderful exposition and interface @ CBN Chief and TEAM.
Already expected a "Hawkish Statement". I hope Nigeria market forces will naturally adjust also
Inflation is at 29.90% and interest rates 22.75%, why would anyone save money in that economy
Hustling backwards!
Text book economics of increasing interest rates to reduce inflation in Nigeria is not working. CBN keeps increasing import duty, which makes goods more expensive, thereby causing more inflation. Insecurity and high cost of doing business as a result of hign cost of fuel and diesel are what is causing inflation to increase. Tackle insecurity so more farmers can produce more food. This will reduce food prices. Make refineries work and reduce fuel importion. These will reduce inflation.
He addressed this. Please listen again
@silassolanke7357 he addressed it by mere words of promises. Don't be gullible. The fact is he increased the MPC nterest rate. And they keep increasing import duty. Import duty has gone from around N750/$1 to N1413/$1. CBN creates more inflation and keep shouting inflation is increasing. Is that not voodoo economics? That decision will affect you. Focus on the extant policy not promises or predictions.
@godwinobike5828 I'm not gullible. A proper understanding of what has happened in previous administrations most especially the last, would help you know that this is a case of necessary evil. What needs to be done has to be done. Market outcomes don't happen overnight. Inflation don't just jump up. From your 'textbook' economics.
You'd know inflation is when you have more cash pursuing few consumables.
As an average Nigerian what is the ratio of our GDP to the money in circulation? How many of us produce and encourage local consumption? We are not producing and still put pressure on our import 'suppliers'. We are both suffering from domestic and imported inflation.
How do you explain a case where a CBN would print trillions of naira to exchange for dollars just for personal use. If the allegations are true, what do you think would happen to the naira value as well as the inflation rate.
We've been sitting on gunpowder all along and things are getting to explode because of the wrong choices and decisions of past government, citizens alike.
Why do you think producers and local traders aren't complaining as much as salary earners?
@@silassolanke7357you don’t get it. Monetary policy alone has not worked in taming inflation. You are looking at inflation from one side. That is text book definition of too much money pursing few goods. This is not the case in Nigeria because we are not even producing enough. The present inflation is as a result of insecurity limiting food production and the high cost of fuel/diesel/ increased import duty which make manufactured products more expensive. No amount of increasing MPC will reduce inflation unless these three things I mentioned are tackled. Watch, inflation will keep rising unless we tackle insecurity, make refineries work to reduce fuel importation and have a managed exchange rate. E.g peg USD to 750. No country allows its currency float without any checks. Only highly productive economies can benefit from floating its currency because it will make its products cheaper for foreign buyers and attract more USD income. Nigeria is not producing enough many ships leave Nigeria empty. Floating our currency will not benefit us because we are import dependent. CBN is doing voodoo economics. Textbook economics doesn’t work without recognizing the peculiarities of Nigeria.
❤️
Is better to allow borrowing for production than charity palliatives
Why are you increasing the interest rate when you are supposed to stimulate the economy? Increasing interest rates means that you are reducing consumers' ability to borrow.
Confused economy
increaing interest rate slows down the inflation rates . Is that not what you want ?
@@alak999 I am not an economist. But I think that Inflation means that there is excess money in the hands of consumers. Is that the real problem of the average poor Nigerian? How is controlling inflation going to put money in the pockets of millions of Nigerians who cannot buy food? If you say that we are not producing enough food, how do we encourage our farmers to produce more and our youth to go into agriculture? How do they get the funds to do so when you are hiking your interest rate?
Raising the interest rate is to control hyperinflation in a short time. Next, the CBN would have to mop up excess liquidity in the system caused by all the trillions of naira printed by Emefiele. All those money were converted to dollars and that’s why we have this problem. The CBN is taking the right steps but Nigerians must love the country to make the policies work. COUNTRY FIRST.
Also stem local production and ideals@@alak999
All dis ones na "Fear of Protest"... You think say Yoh wise!!!??
Cardoso doesn't have what it takes to stern the tide of what we currently face. He doesn't display intelligence in his body language.
give us your own pls
What does someone who say "stern the tide" know about intelligence and body language.
Hilarious 😂.
Lolz mumu
He’s a product of Oluwole degrees just like his Oga Tinubu 😅😂
My friend you can say anything about your president but Cardoso you have zero right pls check someone profile before spitting nonsense, tested and verify and I live abroad and I too have to check before I can even support his move thanks @@dubemellit2932
I want Nigeria great again. I am confident
God bless you so
Chai you people are not letting the poor to breathe instead you are tightening the nus even more.
I love this man Yemi Cardozo- Nigeria is back in bizz
Sounds like major restriction ro entry. Its mo longer a free system
Increasing interest rates in all sector's to close to 30% to see a projected growth of 3%? And a steady growth of interest ràtes thus inflation too in 2024? How many more people need to die of hunger while you guys are dialing and retuneing interest rates and inflation?
The CBN have only 2 tools to work with (i.e. Interest Rate & Exchange Rate); anything else na story.
Open up all borders to reduce high prices, Enable international transactions with ATM debit cards for Nigerians to transact online at the official exchange rate. The Central Bank of Nigeria understands the solution to the problem but is implementing theoretical measures. If the current CBN governor is unable to take bold actions, we should consider appointing someone as courageous as Sanusi Lamido to address the situation. Lower the exchange rate of the dollar to single digits against the naira.
Open up all borders so our struggling farmers, manufacturers suffer more.
Na wa ooo.
Oluwole economy 😅😂😅
How would they lower exchange rate to a digit, I thought, this exchange has much to do with market forces, demand and supply and the country been productive, if you don't produce and export, how do you earn dollars?
I believe in Nigeria...
Your head need urgent repair 😮
Hopeless men