fbpx
FinanceNews

JUST IN: CBN Raises Monetary Policy Rate

The Central Bank of Nigeria (CBN), has further raised the Monetary Policy Rate (MPR) by 100 basis points to 17.5 percent from 16.5 percent.Information Guide Nigeria

This is an effort by the apex bank to restrain inflation through monetary tightening.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Governor of CBN, Mr. Godwin Emefiele who spoke at the end of this year’s first meeting of the Monetary Policy Committee, MPC, held in Abuja said that although the previous rate hikes have already started to moderate inflationary pressures, the result was not yet good enough to hold or reduce the MPR.

Other Top Stories:

VANGUARD reports that Emefiele said, “We are happy that some of these policies that we introduced in the last couple of months in our attempt to rein in inflation are beginning to yield results, not just in plateauing but are beginning to drop.JAMB Result

“But MPC members feel that the 10 basis points drop from 21. 47% to 21.34% is just not good enough as a reason to begin to celebrate.

“We concluded that yes inflation rate was reducing, Year-on-Year, but the other underlining figures have not given us reasons to celebrate, as such we decided to be aggressive in our tightening.”

Speaking on the claims that CBN was holding N89 trillion Stamp Duty fund.

Emefiele said, “It beats our imagination that those arguments can come up. N89 trillion is so large. The total assets of the banking industry today is about N71 or N71.5 trillion. The total deposits of the banks is N44. 498 trillion.

“How then is it possible that Stamp duty of N89 trillion, that is twice the value of deposit of banks. How possible is that? Total Stamp Duty collected from 2016 to date is N370.686 billion.

“Out of this the Federal Inland Revenue Service (FIRS) has paid N226.462 billion to the Federation Accounts Allocation Committee (FAAC) leaving a balance of 144.234 billion in the CBN account”.NYSC portal

Check JAMB Result

Check and Confirm: How much is Dollar to Naira

 

 

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click here to subscribe!

For Latest updates on News, Scholarships, Jobs & Business Ideas, and Other Opportunities.

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

 

 

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

.


The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

.

Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker