Commercial banks in the country may be required to increase their capitalisation in coming months.
For the second time in a row, the Central Bank of Nigeria (CBN) has missed the rate-fixing Monetary Policy Committee (MPC) meeting, leaving room for speculations on Olayemi Cardoso’s strategic policy direction, approach to inflation control and even the current composition of the arm.
The Central Bank of Nigeria (CBN), yesterday, took a route to combating inflation as it tinkered with the asymmetry corridor, increasing banks’ incentives to unpack their idle funds.
Yesterday was a tough day for the economy with the National Bureau of Statistics (NBS) confirming slower growth, while the Monetary Policy Committee (MPC), raises the benchmark interest rate by another 0.5 point, suggesting that growth is not yet its priority.
The market may have shifted its focus from the protracted cash squeeze, momentarily albeit to rising interest rates, as the rate-fixing arm of the Central Bank of Nigeria (CBN), the Monetary Policy Committee (MPC) starts its second meeting today.
Comercio Partners, an investment bank firm, has projected that the further increase in the Monetary Policy Rate (MPR) the benchmark interest rate of the Central Bank of Nigeria, to 17.5 per cent will likely translate to higher funding cost for Small and Medium Enterprises (SMEs) and increased cost of living for consumers.
23 Dec 2022
Amidst rising recklessness and fiscal waste, a member of the Monetary Policy Committee (MPC), Prof. Mike Obadan, has urged the fiscal authority to avoid measures that undermine the monetary authority and worsen inflationary pressure.