CBN Raises Interest Rate To 18%, Retains Other Parameters - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / CBN Raises Interest Rate To 18%, Retains Other Parameters (292 Views)
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| CBN Raises Interest Rate To 18%, Retains Other Parameters by ExAngel007(f): 4:10pm On Mar 21, 2023 |
The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 17.5 percent to 18 percent. Last week, Nigeria’s inflation rate rose to 21.9 percent amid the lingering scarcity of cash. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it. Godwin Emefiele, governor of the apex bank, announced the development to journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja. https://www.thecable.ng/breaking-cbn-raises-interest-rate-to-18-retains-other-parameters/amp 1 Like |
| Re: CBN Raises Interest Rate To 18%, Retains Other Parameters by SanctifiedSista(f): 4:12pm On Mar 21, 2023 |
ExAngel007: The interest rate .does it mean my savings deposit in bank..if I dont touch it..I will earn 18 percen interest per mth
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| Re: CBN Raises Interest Rate To 18%, Retains Other Parameters by aieromon(m): 4:54pm On Mar 21, 2023 |
SanctifiedSista: It means it will be expensive for business to borrow money from the banks. For outstanding borrowers, their debt to pay will slightly increase. However, certain investments will experience an increase in their interest rates e.g mutual funds. Savings accounts are mandated to have a minimum interest rate of 30% MPR so banks are obliged to upgrade their rates as well. For example, Access Bank is currently 30% of the old MPR (17.5) which is 5.25%. They can choose to increase it to 6% to reflect the new MPR. The increase is done by the CBN to control inflation and reduce consumption. 1 Like |
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