CBN Retains Benchmark Interest Rates Despite Recession - Business

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CBN Retains Benchmark Interest Rates Despite Recession - Business - Nairaland

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CBN holds benchmark interest rate at 12.5% / 5 Banks In Nigeria With High Savings Interest Rates Account / CBN Retains Benchmark Interest Rate At 14% (2) (3) (4)

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CBN Retains Benchmark Interest Rates Despite Recession by DONSMITH123(m): 3:57pm On Nov 22, 2016

The meeting of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, which began on Monday, has ended today (Tuesday), with all key indicators retained.

It resolved to maintain the Monetary Policy Rate, MPR, at 14 per cent, the Cash Reserve Ratio, CRR, at 22.50 per cent and the Liquidity Ratio at 30 per cent.

The CBN Governor, Mr. Godwin Emefiele, who briefed newsmen on the outcome of the meeting of the ten member committee, explained that holding all the rates is best for the economy at the moment.

The retention of the benchmark interest rates is happening at a time the country is experiencing deepening recession coupled with worsening inflation.

Just yesterday, the National Bureau of Statistics, NBS, was reported as saying the nation’s Gross Domestic Product, GDP, has shrunk by 2.24 percent in the third quarter of 2016, falling deeper than what was recorded in the first and second quarter of 2016

http://dailypost.ng/2016/11/22/breaking-cbn-retains-benchmark-interest-rates-despite-recession/

Re: CBN Retains Benchmark Interest Rates Despite Recession by SweetLove0(f): 4:02pm On Nov 22, 2016

ok na.good one

1 Like

Re: CBN Retains Benchmark Interest Rates Despite Recession by stephnie1(f): 4:02pm On Nov 22, 2016

Re: CBN Retains Benchmark Interest Rates Despite Recession by madridguy(m): 4:06pm On Nov 22, 2016

Re: CBN Retains Benchmark Interest Rates Despite Recession by hopilo: 4:14pm On Nov 22, 2016

Why? Interest rate should be lowered to encourage investment and end recession. Maintaining the stance of last quarter means depression is guaranteed.

16 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by Nobody: 4:27pm On Nov 22, 2016

This man has successfully stifled the real sector- No Manufacturing firm can survive with this kind of interest rates. Recession will still be around for a long time. Hope this does not lead to a depression!!! This is a bad monetary policy and nothing more. Portfolio investors over to you.

9 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by Sijo01(f): 4:39pm On Nov 22, 2016

After dem go say make citizens nor do MMM embarassed

.........................yeye administration. angry

19 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by OZAOEKPE(f): 4:41pm On Nov 22, 2016

No 'leakages' but baba wants injections, shay na close economy him wan run

5 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by kcpumping(m): 4:43pm On Nov 22, 2016

please bankers in the house help me explain this...I collected bank loan at 25% interest rate when the bench mark was 12%. now it went up by 2 % my bank increased my interest rate to 31%.pls is this normal? is there anything I can do to reduce this outrageous interest rate?

Note: this is my salary acc and they have been deducting 2000 every month as an added collateral.

tnx for your quick advice

Re: CBN Retains Benchmark Interest Rates Despite Recession by DONSMITH123(m): 4:48pm On Nov 22, 2016

Sijo01:
After dem go say make citizens nor do MMM .........................yeye administration.

Re: CBN Retains Benchmark Interest Rates Despite Recession by DONSMITH123(m): 4:49pm On Nov 22, 2016

lalasticlala

Re: CBN Retains Benchmark Interest Rates Despite Recession by Nobody: 4:51pm On Nov 22, 2016

∆ I think the leadership of the CBN is look at wronq examples (particularly, Venezuela and Saudi) in handling of this recession crises.
The CBN should shrink our interest rate by no less than 25% so as to stimulate growth in the SMEs sub sector.

Though we're in same condition with the above mentioned countries, we all came into this crises from different positions respectively...

1 Like

Re: CBN Retains Benchmark Interest Rates Despite Recession by Newbiee: 5:37pm On Nov 22, 2016

Nice
Copied from the Facebook Wall of the Author - Dr. Shehu Umar Sokoto.

We Have a Better President in PMB.....
Thank you and God Bless.....

I woke up this morning and I am smiling as 200,000 of my brothers and sisters are now gainfully employed in a day........
I have checked our historical archive in Nigeria but I am yet to see where any President has create a massive employment for 200,000 graduate at a go......
We will forever remain grateful for our choice of president in the person of PMB, who has worked tirelessly and is still working non stop to better the lots of our youths in Nigeria...
This is how you share wealth across the populace not by stealing,looting and short changing the masses by consuming every single yam meant for them....
If every govt for the past 56yrs ago have come up with such massive employment, we won't be where we are now, crime and criminality would have been reduced by 70% or so...
If the present administration can employ 200,000 graduates at a go, in this era where a barrel of oil is hanging around $40 as against what we have before now where it was over $100 per barrel.... Then what do you think it will do if the terrorists that call themselves Niger Delta Avengers are not frustrating the quantity of crude we are exporting even at $40/barrel?
Even as corruption has tied wrapper and is fighting back by frustrating our plans to make lyf better and easier for our people,we will continue to work hard and pray hard that God in his infinite wisdom will endow us with the wisdom to defeat every enemy of progress that is throwing spanner in our wheel of progress...
Long Live the Federal Republic of Nigeria
Long Live PMB
Long Live Nigerians ..

2 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by Nobody: 5:37pm On Nov 22, 2016

[size=15pt]Emefiele and Trial and Error Approach be like

Someone should help me with that picture[/size]

1 Like

Re: CBN Retains Benchmark Interest Rates Despite Recession by Fantastic2m(m): 5:38pm On Nov 22, 2016

Dear Lord... Heal our land

Re: CBN Retains Benchmark Interest Rates Despite Recession by MrMcJay(m): 5:38pm On Nov 22, 2016

Bald men are known to be very wise people but this Emefiele has proven to be an exception to wisdom.

Re: CBN Retains Benchmark Interest Rates Despite Recession by Godprotectigbos(f): 5:38pm On Nov 22, 2016

Re: CBN Retains Benchmark Interest Rates Despite Recession by MrCounselor: 5:39pm On Nov 22, 2016

http://smartfinanceng..com/2016/11/bitcoin-up-and-running-everything-you.html

Re: CBN Retains Benchmark Interest Rates Despite Recession by Pylony(m): 5:45pm On Nov 22, 2016

All this to benefit banks and banks alone.

Re: CBN Retains Benchmark Interest Rates Despite Recession by Divinerace(m): 5:47pm On Nov 22, 2016

Re: CBN Retains Benchmark Interest Rates Despite Recession by LePrezident(m): 5:47pm On Nov 22, 2016

hopilo:
Why? Interest rate should be lowered to encourage investment and end recession. Maintaining the stance of last quarter means depression is guaranteed.

I totally agree with you. The current global economic strategy is to lower interest rate to stimulate investment and employment. African economic managers are just theoretical and highly risk averse. In my opinion, most economic managers act more like accountants than the economists they are supposed to be.

6 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by Nobody: 5:47pm On Nov 22, 2016

Check my signature and come onboard let's earn money weekly.

Re: CBN Retains Benchmark Interest Rates Despite Recession by yaki84: 5:49pm On Nov 22, 2016

who get 2inches spanner hia? I wan tighten my belt... Adon taya to dey bore hole everyday on it.

4 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by yaki84: 5:50pm On Nov 22, 2016

who get 2inches spanner hia? I wan tighten my belt... Adon taya to dey bore hole everyday on it.

Re: CBN Retains Benchmark Interest Rates Despite Recession by Chukzyfcb(m): 5:57pm On Nov 22, 2016

hopilo:
Why? Interest rate should be lowered to encourage investment and end recession. Maintaining the stance of last quarter means depression is guaranteed.

not when inflation is above 18%. we have finally been getting increased foreign presence in the form of fpu since that last interest rate increase

Re: CBN Retains Benchmark Interest Rates Despite Recession by hedonistic: 6:01pm On Nov 22, 2016

The problem is that Emefiele is forced to be a "Dundee' in order to retain his job. He has to take specific orders from cattle farmers in Daura with regard to monetary policy. Then again, he has zero integrity and he is a massive coward - otherwise he should have resigned and relocated abroad (to avoid witch hunting).

Nigeria's woes are just beginning. Zimbabwe and even Somalia are 'learners'. Many would still eat from dustbins. As long as the majority who are fools can't revolt against the bastards from Daura that are in power.

Anyone that still blames Jonathan or PDP for our ridiculously miserable situation now is a big fool. Our problems are Buhari policy-inflicted, NOT Jonathan inflicted.

12 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by Nobody: 6:02pm On Nov 22, 2016

Ayoolla:
This man has successfully stifled the real sector- No Manufacturing firm can survive with this kind of interest rates. Recession will still be around for a long time. Hope this does not lead to a depression!!! This is a bad monetary policy and nothing more. Portfolio investors over to you.

What do you propose they do?

Re: CBN Retains Benchmark Interest Rates Despite Recession by Chukzyfcb(m): 6:03pm On Nov 22, 2016

Ayoolla:
This man has successfully stifled the real sector- No Manufacturing firm can survive with this kind of interest rates. Recession will still be around for a long time. Hope this does not lead to a depression!!! This is a bad monetary policy and nothing more. Portfolio investors over to you.

rubbish. go and tell Kemi adeosun to go and seek for dollars to give the manufacturers. I remember the world bank were offering loans at 0% but they needed some sort of policy from sovereign nations before handing out the dough. tell her to reduce tax rates and widen tax nets to catch more defaulting companies in her books. as far as inflation remains 18% and increasing. no portfolio investor will want to invest when his real return on investment is negative. this is the only thing left now to lure foreign portfolio investors. no be only loan be manufacturers problem

7 Likes

Re: CBN Retains Benchmark Interest Rates Despite Recession by DaCharis2016: 6:14pm On Nov 22, 2016

Pls follow this link to sign up for MMM nigeria for higher returns. Forget CBN frustrating policies.
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Re: CBN Retains Benchmark Interest Rates Despite Recession by Amobuilt(m): 6:15pm On Nov 22, 2016

The CBN boss is indirectly telling the investors to go and join MMM. still doubting?.....MMM is real

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