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MONETARY POLICY COMMITTEE
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy.
Nigeria’s money supply (M3) has surged to a new peak of N96.97 trillion in April 2024, reflecting a significant recovery from previous decline recorded in March. This growth comes in the face of the Monetary Policy Committee’s (MPC) stringent measures aimed at controlling inflation.
A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Bamidele A.G. Amoo, has said that the decline in Nigeria’s foreign exchange (FX) reserves was mainly due to foreign exchange swap transactions.
Law enforcement agencies are currently investigating a series of invalid foreign exchange transactions valued at $2.4 billion, according to Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN).
A member of Nigeria's Monetary Policy Committee (MPC), Murtala Sabo Sagagi, has addressed the limitations of monetary policy in addressing the nation's escalating inflation amidst structural challenges.
CPPE has said that the outcome of the MPC meeting of 27th February 2024 would hurt the real sector of the economy.
Some Economists have advised the Central Bank of Nigeria (CBN) to focus more on the supply side or cost push factors and structural issues fueling inflation in the country.
Experts have warned that pegging the interest rate above the current 16.5% may rattle the economy with serious consequences
The MPC has voted unanimously to raise the benchmark interest rate to 13% after over two years of expansionary monetary policy.
The Senate has confirmed the nomination of 7 members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria has agreed that increasing oil thefts on the economy is affecting the accretion of the country’s foreign reserves.
MPC’s move to retain its policy posture is predicated on the limited impact of the MPR to assuage worsening inflationary pressures.