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              SA: Tshepo Kgobe appointed new Gautrain CEO

              SA: Tshepo Kgobe appointed new Gautrain CEO

              US Secretary Lauds Kenya’s Peace, Climate Change Initiatives

              US Secretary Lauds Kenya’s Peace, Climate Change Initiatives

              SA: Government, labour cement cooperation to uplift economy

              President mourns passing of South African Navy submariners

              Kenya: Ministry of Health rolls out plan ahead of El-Nino 2023

              Kenya: Ministry of Health rolls out plan ahead of El-Nino 2023

              Nigeria: Prince Fatiu Adegbola appointed as New MD of LASAA’s

              Nigeria: Prince Fatiu Adegbola appointed as New MD of LASAA’s

              UK trade envoy visits Taiwan to strengthen trade and investment

              UK trade envoy visits Taiwan to strengthen trade and investment

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              • FEATURES
                Ghana Celebrates Osagyefo Dr. Kwame Nkrumah: Remembering the Architect of Independence

                Ghana Celebrates Osagyefo Dr. Kwame Nkrumah: Remembering the Architect of Independence

                Chronicles of Africa’s coups: From ‘Gallic Strings’ to BRICS hopes

                Chronicles of Africa’s coups: From ‘Gallic Strings’ to BRICS hopes

                Children displaced across Sub-Saharan Africa by climate shocks doubled to a record high in 2022

                Children displaced across Sub-Saharan Africa by climate shocks doubled to a record high in 2022

                President Ruto lifts logging ban

                Kenya’s Africa exports cross Sh200bn mark

                Kenya climbs ladder in the global avocado production rankings 

                Kenya climbs ladder in the global avocado production rankings 

                Ing. Oscar Amonoo-Neizer: A Trailblazer in Ghana’s Sustainable Energy Development

                Ing. Oscar Amonoo-Neizer: A Trailblazer in Ghana’s Sustainable Energy Development

                World Environment Day 2023: History, theme and significance

                World Environment Day 2023: History, theme and significance

                Femi Gbajabiamila – Nigeria’s New Chief of Staff

                Femi Gbajabiamila – Nigeria’s New Chief of Staff

                Trending Tags

                • DIGITAL ECONOMY
                  Zambia, Israeli discuss bilateral relations

                  Zambia, Israeli discuss bilateral relations

                  Ghana launches HIV Self-Testing kit

                  Ghana launches HIV Self-Testing kit

                  Kenya: President Ruto Signs County Allocation of Revenue and Equalisation Bills

                  Chairman of Afreximbank calls for intra-African trade.

                  Chairman of Afreximbank calls for intra-African trade

                  Afreximbank launches Insurance subsidiary to support intra-African trade

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                  Eritrea: President Isaias Afwerki returns home

                  Eritrea: President Isaias Afwerki returns home

                  President Ramaphosa meets large exporters on the state of South Africa’s logistics system

                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

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                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

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                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

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                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

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                    Why Nigeria Needs Aircraft Leasing Companies- Captain Abdulsalami Mohammed

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                    Interview with Jennifer Blanke, Vice President Agriculture, Human and Social Development at the African Development Bank Group, Ahead of the 2019 Gender Summit

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                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

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                      South Africa’s Thulas Nxesi emerges as Public Sector Global ‘Minister of the Week’

                      South Africa’s Thulas Nxesi emerges as Public Sector Global ‘Minister of the Week’

                      Pascal Bizimana Ruganintwali emerges Public Sector Global ‘CEO of the Week’

                      Pascal Bizimana Ruganintwali emerges Public Sector Global ‘CEO of the Week’

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                      Hon. Aisha Jumwa Katana emerges Public Sector Global ‘Minister of the week’

                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

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                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

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                      Home NEWS

                      Central Bank of Nigeria raises interest rate from 18.5 % to 18.75%MPR

                      Public Sector Global by Public Sector Global
                      July 27, 2023
                      in NEWS, PS Finance
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                      Central Bank of Nigeria raises interest rate from 18.5 % to 18.75%MPR

                      Acting Governor of the CBN, Mr Folashodun Shonubi

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                      The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), this week raised the country’s Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent.

                      The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from the MPC meeting.

                      The Monetary Policy Committee (MPC) is the baseline interest rate upon which other interest rates are built.

                      Shonubi announced that the committee also adjusted the asymmetric corridor from from +100/-700 to to +100/-300 basis points around the MPR, retained the Cash Reserve Ratio (CRR) at 32.5 per cent; and retained the Liquidity Ratio at 30 per cent.

                      According to Shonubi, the committee is confronted with only two policy options, to hold or marginally hike the policy rate to offset the moderate increase in headline inflation.

                      “Considering the option to a hold, the committee reviewed the impact of the continued rise in inflation on various macroeconomic variables, noting the potential dampening effect on output growth.

                      “Members agreed unanimously that the previous series of rate hikes had indeed greatly moderated the pace of price development and was gradually but steadily yielding the expected outcome.

                      “The option to continue to hike the policy rate, albeit moderately, also presents a strong aliternative,” he said.

                      He said that this was premised on the expected liquidiiy injections into the economy, from the recent policy developments and the likely impact on inflation.

                      “The committee remained cautious in arriving at a policy decision as members noted the need to continue to support investment which will ultimately lead to the recovery of output growth.

                      “The balance of these arguments thus, leaned in favour of a moderate rate hike, to sustain efforts at anchoring inflation expectation, narrow the negative real interest rate gap, and improve investor confidence.

                      “The MPC, thus, resolved by a majority vote to raise the Monetary Policy Rate (MPR) by 25 basis points. Six members voted to raise MPR by 25 basis points while five memnbers voted to hold the MPR Constant.

                      “All members, however, voted to narrow the asymmetric corridor from +100/-700 to +100/-300 around the MPR,” he said.

                      Tags: CBNNigeriaPolicy Rate
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