RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Expected Outcome of the CBN’s MPC Meeting Today

Rate Captain by Rate Captain
March 21, 2022
in Business, Economics
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigerians and investors anticipate the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting at the 284th meeting of the committee begins today.

The Central Bank of Nigeria’s Monetary Policy Committee met on the 24th and 25th of January for the first time in the year 2022, and unanimously decided to hold the benchmark interest rate at 11.5% while keeping all other monetary parameters unchanged.

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

FCTA bans POS operators from residential areas

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

This was due to the committee’s consideration of the economy’s recovery from the pandemic in 2021 and its expansion path. The committee was of the opinion to steer increased positive growth of output within the economy in the year 2022 despite the inflation rise in December 2021.

However, with swing of economic trends in the year already, ranging from the supply shocks resulting from the Russia-Ukraine crisis, the fuel scarcity, and the reaction to the CBN’s e-invoice program and the consistent rise in the inflation rates, the CBN is in a tight position to decide.

Things the CBN will consider

  • The increase in the inflation rate as it rose from 15.6% in January 2022 to 15.7% in February 2022. Representing, a 0.1% point increase.
  • The increase in inflation steered by the sanctions imposed on Russia and the energy supply disruptions.
  • The introduction of the cash collection centres called Bank Neutral Cash Hubby the Central Bank of Nigeria (CBN). This is to enable it to reduce cost and improve operational efficiency in the country’s cash management value chain.
  • The Central Bank of Nigeria (CBN) stated that commercial banks’ non-performing loans (NPLs) levels in Nigeria fell below 5% to 4.94% at the end of December 2021, for the first time in about a decade.
  • In February 2022, the CBN extended the Naira for Dollar scheme from the IMTOs to the IEFX window. Specifically, the CBN released instructions that outline that it will facilitate payment of N65 for every US dollar repatriated and sold at the Investors and Exporters Window.
  • The Nigerian banks have informed their customers that the limit on the Naira Card has been reduced due to dollar scarcity.

What an expert is saying

Adebola Sunday, an economist and Vice President of Edgefield Capital Management Limited, a stockbroking firm in Lagos, stated that, “the increase in inflation rate we have now is structural precipitated by fuel and energy crisis. This is not due to the excess money in the economy. Hence, I do not think increase in MPR is a way to go. Rather, the committee need to address the fundamental issues causing spike in the inflation rate. Raising the MPR will worsen the economy because other rates will go up and more Nigerians would be thrown into the ocean of unemployment and increased poverty levels. Therefore, I think, the MPC will retain the MPR and leave all other monetary parameters unchanged.” He went ahead to urge the government to intensify their efforts in addressing the issues of fuel supply and Megawatts of electricity.

Previous Post

UNITAID Announces the Discovery of the Long –lasting HIV Injection

Next Post

Global Capital Flows to Witness More Distress Amidst Russia Ukraine War

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

FCTA bans POS operators from residential areas

FCTA bans POS operators from residential areas

by Rate Captain
January 27, 2023
0

The federal capital territory administration (FCTA) has ordered point of sale (POS) operators to limit their operations to commercial zones....

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

Next Post

Global Capital Flows to Witness More Distress Amidst Russia Ukraine War

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

    CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
  • Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Naira depreciates to N749/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>