CBN Raises Benchmark MPR By 200 Basis Points To 24.75% - Business

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CBN Raises Benchmark MPR By 200 Basis Points To 24.75% - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Raises Benchmark MPR By 200 Basis Points To 24.75% (10250 Views)

CBN Raises Interest Rate To 18.75% / CBN Raises Interest Rate To 14% / CBN Raises MPR To 13% From 11.5% (2) (3) (4)

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CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Nemere2020: 2:30pm On Mar 26

The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) by 200 basis points, to a new unprecedented 24.75% at the end of its 294th meeting of the Monetary Policy Committee (MPC).

This is a lower hike compared to the 400 basis points at 22.75% in the previous month. The decision announced by the CBN governor, Yemi Cardoso, propels the MPR to its highest point ever, reaffirming the CBN’s aggressive stance on monetary tightening in response to inflationary pressures.

https://nairametrics.com/2024/03/26/cbn-raises-benchmark-mpr-by-200-basis-points-to-24-75/?fbclid=IwAR098o-XOsUmJnOZOKLYZZ_zdMOLk2iR8RYoxfeGvJRyoHdWCQ3TtyJtcF8

13 Likes 4 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by inoki247: 2:33pm On Mar 26

1 Like

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by OboOlora(f): 2:33pm On Mar 26

Trial and error financial techniques.
Pump $$$ from foreign reserves to save a dying naira so people can applaud you for a week.
Then watch the same $$$ rise in the next month and blame citizens for not buying unavailable local goods.

30 Likes 4 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Inspirer1: 2:33pm On Mar 26

Implications?

2 Likes

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by sameoldguy: 2:33pm On Mar 26

Dollar/Naira is going down, but prices still remains high in Nigeria.

32 Likes 2 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by abuiltech(m): 2:33pm On Mar 26

Okay

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by DVMogoshi(m): 2:33pm On Mar 26

Cardoso I believe your ministry... Welldone

34 Likes 4 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Amigoss: 2:33pm On Mar 26

Gbajue policies grin

when inflation is still on the rise and people on the streets are screaming ebi'n pawa

7 Likes 6 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by sofeo(m): 2:34pm On Mar 26

Alright then

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by iichidodo: 2:34pm On Mar 26

This helps to squeeze out and mop up any loose naira lying about in the economy for speculators to gamble on dollars.I hope this increases the momentum of the current crash of dollar from now to the nearest future and we don't have to beg France to use CFA anymore.

12 Likes 1 Share

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Noniblaq(m): 2:34pm On Mar 26

Nice

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by datola: 2:34pm On Mar 26

Well done Cardoso,

This is not unexpected.

10 Likes

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by adeabimbola700(m): 2:34pm On Mar 26

Economists in the house, please what does this mean to the Nigerian Economy?

11 Likes 1 Share

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Alexlalax1(m): 2:35pm On Mar 26

Hungry man no sabi grammar biko. Leave all these statistics and make the country work for the poor

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by GrammarNazi1(m): 2:35pm On Mar 26

Will this have positive implications?

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by MrPristine: 2:35pm On Mar 26

These clowns have clearly lost the plot, this is a time that they should be working to reduce interest rates and encouraging more people to go into productive businesses to help grow the economy. Instead the clueless charlatans are doing the exact opposite.

8 Likes 2 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by CamsedVacancy: 2:37pm On Mar 26

God help Nigerians...

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by fykes(m): 2:38pm On Mar 26

How exactly is the naira strengthening while the price of commodities is increasing?

2 Likes

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by BIBILARY(m): 2:39pm On Mar 26

Can anyone interpret what this means to the Nigeria economy?

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by fykes(m): 2:39pm On Mar 26

MrPristine:
These clowns have clearly lost the plot, this is a time that they should be working to reduce interest rates and encouraging more people to go into productive businesses to help grow the economy. Instead the clueless charlatans are doing the exact opposite.

I swear you took it right outta my mouth

4 Likes

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Winning123: 2:40pm On Mar 26

OboOlora:

Trial and error financial techniques.
Pump $$$ from foreign reserves to save a dying naira so people can applaud you for a week.
Then watch the same $$$ rise in the next month and blame citizens for not buying unavailable local goods.

Olodo! Pump dollars from foreign reserves, the reserves you kept I guess. The reserves that can only support a month import. How did we get to this level in Nigeria with young people who can think in spite of huge money spent in educating them.

38 Likes 3 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by grandstar(m): 2:40pm On Mar 26

Good.

The rates still need to go higher. I feel 28-30% will be ideal to bring inflation down. It's necessary they set an inflation target below 10% and achieve it.

6 Likes 1 Share

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by jmoore(m): 2:40pm On Mar 26

adeabimbola700:
Economists in the house, please what does this mean to the Nigerian Economy?

It means interest rate has increased.
It will scare people from borrowing.
And those who borrow will have to increase their cost price which will increase the selling price, thereby making inflation higher.

11 Likes 2 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Freethinker87: 2:41pm On Mar 26

The CBN just raised interest rate, and surprisingly, people above me are applauding it. Nigerians are weird!

With the new lending rate set at 25%, banks will grant loans at 32%. It's inevitable that those with variable interest loan would experience an increase in their monthly payments.

This new rate doesnt only affect new loans, anyone with an existing loan should brace themselves for more expensive repayments.

18 Likes 2 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Krankhead: 2:42pm On Mar 26

OboOlora:

Trial and error financial techniques.
Pump $$$ from foreign reserves to save a dying naira so people can applaud you for a week.
Then watch the same $$$ rise in the next month and blame citizens for not buying unavailable local goods.

Sorry, you just type to say something. Illiteracy is a disease

20 Likes 3 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Haaland21: 2:42pm On Mar 26

OboOlora:

Trial and error financial techniques.
Pump $$$ from foreign reserves to save a dying naira so people can applaud you for a week.
Then watch the same $$$ rise in the next month and blame citizens for not buying unavailable local goods.

This one is still in pain that the Naira is gaining strength.
It would shock you by the time if gets to 500 to a dollar latest next year.

Better go and dispose those usd in your aza.

Noisemaker

14 Likes 2 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by NothingDoMe: 2:42pm On Mar 26

sameoldguy:
Dollar/Naira is going down, but prices still remains high in Nigeria.

I noticed!

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by grandstar(m): 2:43pm On Mar 26

Inspirer1:
Implications?

It will soak money from the system which will mean less money to buy goods and also forex, which will then reduce inflation and make the Naira appreciate.

I feel the mpr should be around 28% at the very least.

All the same, kudos to Cardoso.

24 Likes 5 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by jmoore(m): 2:44pm On Mar 26

grandstar:

It will soak money from the system which will mean less money to buy goods and also forex, which will then reduce inflation and make the Naira appreciate.

I feel the mpr should be around 28% at the very least.

All the same, kudos to Cardoso.

Na all these textbook economics go land Nigeria into more trouble.

How will interest rate make petrol to be sold at 195 naira?

Lack of power supply means that Nigeria depend on petrol and diesel to run their businesses. This is a major factor of production that is causing inflation.

10 Likes 3 Shares

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by grandstar(m): 2:45pm On Mar 26

[quote author=jmoore post=129118781][/quote]

You wrote nothing

1 Like

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Realdeals(m): 2:46pm On Mar 26

It's probably high time for companies and individuals to recover their debts from those flexing with it, cos only few can borrow from banks now. Maybe CBN is also aware that some people borrow Naira to buy USD.

2 Likes

Re: CBN Raises Benchmark MPR By 200 Basis Points To 24.75% by Ola9ja23: 2:48pm On Mar 26

OboOlora:

Trial and error financial techniques.
Pump $$$ from foreign reserves to save a dying naira so people can applaud you for a week.
Then watch the same $$$ rise in the next month and blame citizens for not buying unavailable local goods.

A bitter soul is spotted here
Just come out clean that you are in pain to see the positive reactions of Naira against dollar

Only enemy of Nigeria will write this trash just bcs your favourite candidate lost in the last election

16 Likes 2 Shares

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