Monetary Policy Committee
Naira weakens badly
Nigeria is grappling with additional challenges, including a faster rate of inflation, as the gap between official and parallel segment of the foreign exchange (FX) market continues to widen.
How monetary, fiscal managers can cooperate to cushion impact of recession
At negative 6.1% gross domestic product (GDP), economic managers have a lot of work to do to save the country from the greatest recession ever.
Nigeria’s economy, CBN's prognosis and COVID-19
In the last three meetings of the Monetary Policy Committee (MPC), the Godwin Emefiele-led policymakers of the Central Bank of Nigeria (CBN), had reiterated the uncertain global economic events
Understanding the latest MPC communiqué
In its latest communiqué No. 128, the Monetary Policy Committee (MPC) decided to change the cash reserve ratio (CRR) from 22.5 percent to 27.5 percent “as it will help address monetary-induced...
Economy: Making the MPR relevant
Well ahead of the last scheduled meeting of the Monetary Policy Committee next month in the first lap of the incumbent CBN governor, the Federal Government and the MPC particularly should ponder the historical evidence indicating the Monetary Policy Rate (MPR), has been rendered ineffectual. The authorities should also decide without further delay to carry…
MPC avoids path to 2018 budget surplus
The CBN’s Monetary Policy Committee met on November 21-22, 2018, but as usual avoided the shortest and easiest path to turning the 2018 Federal Budget (running for a course of 12 months from late June) into a budget surplus after implementation.
Price of improper fiscal and monetary procedures
Despite identifying the need for the banking system to accelerate credit growth to the economy, the Monetary Policy Committee at its May 2018 meeting waffled on reducing the monetary policy rate as it settled for the timeworn ‘‘non-conventional ways to aid credit flow to vulnerable and growth enhancing sectors of the economy.
CBN orders lending to agric sector, inflation rises on food items
The Central Bank of Nigeria (CBN) has directed deposit money banks to increase lending to the agricultural sector to check rising food prices. This followed its 262nd Monetary Policy Committee (MPC) meeting held from Monday, July 23 to Tuesday, July 24, 2018. It pegged the interest rate of such lendings at nine per cent per…
CBN holds key rate at record-high 14% on inflation risks
Nigeria’s central bank held its main lending rate at a record-high 14 percent as it sees increased inflation pressure in the second half of the year. Of the nine members of the Monetary Policy Committee who attended this week’s meeting, eight voted to leave the benchmark rate unchanged, Governor Godwin Emefiele told reporters in the…