₦airaland Forum

The Central Bank of Nigeria's Monetary Policy Committee (MPC) has announced a significant increase in the benchmark lending rate, raising it to 27.65 percent. This decision was revealed by CBN Governor Olayemi Cardoso following the 296th MPC meeting held in Abuja on Tuesday.

The MPC has consistently adopted a stringent approach to control inflation since resuming its meetings earlier this year. This latest rate hike marks an increase of over 500 basis points from the previous rate of 26.25 percent set in May.

The aggressive monetary tightening reflects ongoing concerns over inflation, which surged to 34.19 percent in June, according to the National Bureau of Statistics.

The inflation rate has risen steadily, up by 0.24 percent from May's rate of 33.95 percent. On a year-on-year basis, the June 2024 headline inflation rate was 11.40 percentage points higher than the 22.79 percent recorded in June 2023.

READ MORE: https://cinecritiquehub.com.ng/2024/07/23/breaking-cbn-increases-interest-rate-to-27-65/

Ignorant folks

Stifling local production

Someone should pls tell bobo patch patch c.v that textbook economic policies hardly works in naija.

What about interest rate on savings?

What's the point of this now? Inflation is over 35% so this won't interest savers since the interest rate is less than inflation

So no reduction in money supply

This would discourage investors because banks would give out loans at 37% minimum

Which means if I borrow 100 million I would have to by minimum of 37 million yearly then

Lmaooo... When you put a micro economist in charge of cbn this is the rubbish u get

LordBiden:
Someone should pls tell bobo patch patch c.v that textbook economic policies hardly works in naija.

Hardly works anywhere sef !
Na just Rubbish and Patch Patch Nonsense 😔

Can you imagine? This country is dead
The JagaSleep has finally sent our economy sleeping 😴😴😴