• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
Wednesday, March 29, 2023
Premium Times Nigeria
  • Home
  • 2023 Elections
    • Presidential
    • Gubernatorial
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
    • Gender
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • LIVE VIDEO
  • Home
  • 2023 Elections
    • Presidential
    • Gubernatorial
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
    • Gender
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • LIVE VIDEO
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

UPDATED: CBN increases benchmark interest rate to 17.5%

The CBN's MPC also voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR

byAyodeji Adegboyega
January 24, 2023
Reading Time: 2 mins read
0

The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 17.5 per cent in an aggressive push to contain the nation’s inflationary pressure.

The CBN governor, Godwin Emefiele, announced this Tuesday after the apex bank’s Monetary Policy Committee (MPC) meeting that began Monday.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

He also disclosed that the MPC voted to keep the Cash Reserve Ratio (CRR) at 32.5 per cent, as well as the Liquidity Ratio at 30 per cent.

The CRR is the share of a bank’s total customer deposit that must be kept with the central bank in form of liquid cash, while the bank’s liquidity ratio is the proportion of deposits and other assets they must maintain to be able to meet short-term obligations.

In November, the MPC raised its benchmark lending rate to 16.5 per cent in a sustained push to control inflation and ease pressure on the naira.

In December, the nation’s statistics bureau said Nigeria’s s inflation figure dipped to 21.34 per cent from 21.47 per cent in November after 10 straight monthly increases. In the same month, the statistics bureau said food inflation which is one of the driving forces of Headline Inflation dropped to 23.75 per cent from 24.13 per cent a month earlier.

On Tuesday, Mr Emefiele announced that the committee welcomed the recent deceleration in the nation’s inflation rates, noting that the persistence in the policy rate increase over the last few meetings of the committee has started to yield the expected decline in inflation.

TEXEM Advert

The committee deliberated on either to hike rates further or hold to examine the impact of the last four rate increases, Mr Emefiele said, adding that the options considered were primarily to hold the rate or tighten further to consolidate the previous gains.

However, the MPC noted that loosening the rate will gravely undermine the gains of the last four increases, hence the hike in rate.

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • Telegram
  • LinkedIn
  • Email
  • Print

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate





TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Diphtheria: Nigeria records 123 infections, 38 deaths

Next Post

I’ve served Nigerians to ‘the best of my ability’ – Buhari

Ayodeji Adegboyega

Ayodeji Adegboyega

More News

Zenith Bank

Zenith Bank’s annual profit drops despite record N946bn revenue

March 29, 2023
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)

Petrol to sell at N400 per litre after subsidy removal – PENGASSAN

March 29, 2023
Atiku, Osinbajo, Amaechi, Dogara, and Saraki.

ANALYSIS: Politicians facing bleak future after 2023 elections

March 29, 2023
Samanptha Okoligb, a young farmer

Women in Agriculture: My struggle with land, funding, other issues — Samantha Okoligbo

March 29, 2023
Diezani Alison-Madueke

U.S. recovers over $53M fraud proceeds involving Alison-Madueke, Aluko, Omokore

March 29, 2023
Headquarters of Unity Bank Plc in Lagos. [PHOTO CREDIT: The Guardian Nigeria]

Unity Bank speaks on disclosure of customer’s information to third party

March 28, 2023
Leave Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game

Projects & Partnerships

  • AUN-PT Data Hub
  • #EndSARS Dashboard
  • Parliament Watch
  • Panama Papers
  • AGAHRIN
  • #PandoraPapers
  • Paradise Papers
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2023 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • 2023 Elections
    • Presidential & NASS
    • Gubernatorial & State House
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Gender
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • AUN-PT Data Hub
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • Dubawa NG
  • Careers
  • Digital Store
  • Contact Us

All content is Copyrighted © 2023 The Premium Times, Nigeria

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist