The Monetary Policy Committee of the Central Bank of Nigeria has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from 27.25 per cent in September 2024. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja. “The Committee was unanimous in its …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria is projected to maintain its inflation-tightening stance at its last meeting of the year in the face of rising inflation. At its September meeting, the Committee raised the Monetary Policy Rate by 50bps to 27.25 per cent, emphasising concerns over core inflation, money supply growth, fiscal deficits, and food …

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. Addressing journalists at an ongoing press briefing …

The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has warned that the latest interest rate hike threatens the survival of the manufacturing sector. He emphasised that the continued increase in the cost of borrowing will escalate production costs, stifle investments, and reduce the sector’s competitiveness, ultimately leading to job losses and economic downturn if not urgently …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark lending rate to 26.75 per cent. The hike in the Monetary Policy Rate was disclosed by the CBN Governor, Dr. Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish stance to tame inflation …

President of the Dangote Group, Aliko Dangote, has criticised the Central Bank of Nigeria’s (CBN) decision to raise interest rates to nearly 30 per cent. The foremost entrepreneur also advocated for policies that safeguard domestic industries and cultivate them into indigenous champions capable of generating jobs and fostering prosperity in face of current global economic woes. The Africa’s richest man …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. In an interview with the Financial …

The Monetary Policy Committee (MCP) of the Central Bank of Nigeria (CBN) on Tuesday concluded its two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN. The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points. The Committee voted …

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 400 basis points to a record 22.75%. The CBN Governor, Olayemi Cardoso, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday in Abuja. Addressing journalists at the end of the two-day meeting in Abuja, Cardoso …

The haemorrhaging economic condition in Nigeria is impacting negatively on various sectors including the real estate market and its supply chains. This impact is in more ways defining the economy of the sector in the first quarter of 2024 as more renters groan under the weight of price increases in the real estate market forcing individuals, households and businesses to …