Tag
INTEREST RATE
Naira appreciated slightly on the official market, despite a substantial 66% increase in foreign exchange (FX) supply and a new rate hike by the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%.
Zenith Bank Plc, one of Nigeria's leading banks, released its unaudited financial results for Q1 2024, revealing a pre-tax profit of N320.194 billion.
The federal government is looking towards a reduced interest rate to attract investments and grow the economy according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The Lagos Chamber of Commerce and Industry (LCCI) has lamented the effect of high interest rate of CBN’s Treasury bill noting that it is drying up funds from the private sector into government’s treasuries.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has stated that the current spate of monetary policy tightening measures by the CBN will not be long drawn and there will be relaxed once there are substantial improvements in the economy in terms of inflation and exchange rate.
Major staple food prices across Nigeria increased by double figures month-on-month according to the NBS latest food price watch.
Some financial experts have expressed concerns regarding the hawkish monetary policy stance adopted by the Central Bank of Nigeria (CBN), which recently led to another increase in the interest rate by 22.75%.
Persistently higher interest rates in major economies mean global growth is likely to slow next year after outperforming expectations so far in 2023.
System liquidity, expectation of year-end dividend will delay investors from migrating to fixed income instrument
While the monetary authority holds that the move is intended to rein in inflation, economists believe it will boomerang on the economy.
Dr Biodun Adedipe has said Nigeria’s fiscal problems cannot be solved by financial adjustments such as borrowing and non-FDI capital flows