CBN Cuts Lending Rates For The First Time In 6 Years! - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / CBN Cuts Lending Rates For The First Time In 6 Years! (986 Views)
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| CBN Cuts Lending Rates For The First Time In 6 Years! by MizMyColi(f): 3:37pm On Nov 26, 2015 |
The Central Bank of Nigeria (CBN) on Tuesday cut its key interest rates from 13 percent to 11 percent, the very first of such cut since 2009. The bank revealed this after its Monetary Policy Committee (MPC) meeting on Tuesday, maintaining its fixed stance on foreign exchange availability in the country. Addressing journalists at the end of the meeting, Godwin Emefiele, governor of the apex bank, revealed that CBN was also cutting its cash reserve ratio (CRR) from 25 percent to 20 percent. The CRR cut means the bank would make more cash available for commercial banks to lend, with special focus on the agriculture, solid mineral and power sector. These sectors were earmarked by the CBN as the ones that the committee recognise as readily driving inclusive growth in the economy. While admitting that the CBN must simulate growth, Emefiele said, commercial banks have been lending from the apex bank to invest in bonds rather than lend to Nigerian businesses in need of funds. He suggested that the CBN would henceforth monitor funds lent from the regulator and ensure that they are passed down to businesses that are capable of stimulating economic growth. At the September MPC meeting, the committee revealed that Nigeria may plunge into a recession in the first quarter of 2016, if proactive measures are not taken to drive inclusive growth, which the November meeting attempted to address. This MPC meeting is the last for the year 2015. Read more at: https://www.thecable.ng/cbn-cuts-interest-rates-first-time-6-yrs |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by MizMyColi(f): 3:40pm On Nov 26, 2015 |
I think that these measures are targeted at helping our ailing economy and inducing growth. Don't you think so? Sounds like a plus to the Buhari-Led FG. 1 Like |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Erukumakanaki: 3:43pm On Nov 26, 2015 |
BōoHari is working  End time Lending Rates  |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by owanguy(m): 3:43pm On Nov 26, 2015 |
We are watching |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Google63(m): 3:44pm On Nov 26, 2015 |
MizMyColi:. Thank God you could see a plus after 6 months. We are getting there. 1 Like |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by pickabeau1: 3:51pm On Nov 26, 2015 |
Still crap Lending rates are lowered to ensure the real sector can access loans Without an enabling environment, banks will not lend or still add a risk premium which negates the reduction |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by seunmsg(m): 4:04pm On Nov 26, 2015 |
pickabeau1: At least, it is a good development. If we are to grow the real sector of the economy, we need interest rate to even crash further. And again, please notice the part where the CBN governor said the bank will henceforth monitor all money lent to commercial banks to ensure they channel it towards business organisations. Hopefully, it will no longer be business as usual. 1 Like |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by pickabeau1: 4:07pm On Nov 26, 2015 |
They have been saying that since 1960 The cost of business is high which affects businesses Multiple taxation No power, Bad roads, Lowering interest rate by fiat will do nothing seunmsg: |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Okanokan(m): 4:08pm On Nov 26, 2015 |
Good News coming from the CBN, We hope Bankers will not end up lending to themselves instead of investors. |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Sweetguy25: 4:17pm On Nov 26, 2015 |
Doesn't change a thing. Banks still won't lend you money, especially MSMEs. |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Kyase(m): 4:26pm On Nov 26, 2015 |
MizMyColi:Hacked account  1 Like |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by seunmsg(m): 4:35pm On Nov 26, 2015 |
pickabeau1: It is still a step in the right direction. All other issues you raised can't be addressed by fiat, it will take time to get them fixed as they are major priorities for this government. In fact,that's why the president brought in BRF to handle power and works ministry. |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by pickabeau1: 5:34pm On Nov 26, 2015 |
seunmsg: Lets see |
| Re: CBN Cuts Lending Rates For The First Time In 6 Years! by Tallesty1(m): 9:48pm On Nov 26, 2015 |
Google63:A plus in 6 months is not enough jaree. |
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