Amid Inflation, CBN Raises Interest Rate To 26.75% - Business (2)

Amid Inflation, CBN Raises Interest Rate To 26.75% - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Amid Inflation, CBN Raises Interest Rate To 26.75% (11783 Views)

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by wunmi590(m): 3:38pm On Jul 23, 2024

Cardoso led CBN administration is really bad for the economy, and the ealier he realise that he's part of the people costing this country into depletion, the easier the better..

His act of over taxing people, when he fully knows that, the present country people are massively suffering..

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by SmartyPants(m): 3:39pm On Jul 23, 2024

RightChanneI:
This is totally wrong! when there is inflation, government ought to reduce the interest rate and increase the expenditure not increasing the interest rate again while claiming to be fighting inflation

Stop talking nonsense. When there is inflation you don't increase expenditure! You do the opposite! Do you even understand how inflation works?? huh

5 Likes

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Nobody: 3:40pm On Jul 23, 2024

well.....This isn't good woh

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Michael547(m): 3:40pm On Jul 23, 2024

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by 004gist: 3:41pm On Jul 23, 2024

RightChanneI:
This is totally wrong! when there is inflation, government ought to reduce the interest rate and increase the expenditure not increasing the interest rate again while claiming to be fighting inflation

Inflation and interest rates have inverse relationship.

High inflation calls for high interest rate to stop money growth

3 Likes

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by gbengene1234(m): 3:41pm On Jul 23, 2024

PBAT needs to call his Ministers and Head of Agencies to order because its not looking funny anymore.. How can you raise interest in this present inflation mess?

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Funkyswagzz(m): 3:42pm On Jul 23, 2024

I pray tinubu don't destroy this country completely

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Nobody: 3:42pm On Jul 23, 2024

Artscollection:
Raising interest rates as if the high inflation was induced by excess liquidity or free money this goes a long way to show that these Lagos boys are frauds, patch patch CVs with no common sense

Don't ya knaw, daats haw we do it in America grin

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Honestey: 3:43pm On Jul 23, 2024

Now that 70k minimum wage will start looking like 15k minimum wage

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Funflipper: 3:45pm On Jul 23, 2024

Bantu10:
Tulumbu and his Yoruba quota system CBN gofnor will surely sink this country

You are very ignorant. Raising interest rate is a way to check inflation.

1 Like

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 3:46pm On Jul 23, 2024*

Elsueno:
Don't ya knaw, daats haw we do it in America

I removed the american part at the last minute but iam sure The olodo is copying his moves fŕom powell. I don tire for these baboons.

1 Like

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by CyberHustle: 3:46pm On Jul 23, 2024

IAmHim1:
Hmmm

This is just the First: to discourage borrowing and reduce the fractional reserve ratio of commercial banks so Opay and GTB doesn't multiply electronic money from customers deposits and loan it back to them again while still charging the same customers interest on loans and hefty collaterals

https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay

But what happens to the excess money already in circulation, Cardoso?

Remember, the minimum wage has already been increased even though it wasn't adviced

https://www.nairaland.com/8107351/nigerias-govt-alternative-minimum-wage

The excess money in circulation has to be paired with good LOCALLY PRODUCED
IF NOT, THIS ACTION SOLVES NOTHING

https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old

and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few.

https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria

Damgte refinery can reduce the price of transportation of food from where it is produced to where's it is eaten and our naira won't be used to chase imported food

people are sabotaging your efforts Cardoso.

Heads up!

right.

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 3:46pm On Jul 23, 2024

Funkyswagzz:
I pray tinubu don't destroy this country completely

It's on course no need for alarm.

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Funflipper: 3:47pm On Jul 23, 2024

Elsueno:
Don't ya knaw, daats haw we do it in America

They are ignorant and stupid as hell. They have graduates all over the place but they don't even have the basic idea of how the economy works.

1 Like

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by bitbillionaire: 3:50pm On Jul 23, 2024

IAmHim1:
The excess money in circulation has to be paired with good LOCALLY PRODUCED
IF NOT, THIS ACTION SOLVES NOTHING

https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old

and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few.

https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria

Heads up! [/i]

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 3:50pm On Jul 23, 2024

IAmHim1:
Hmmm

This is just the First: to discourage borrowing and reduce the fractional reserve ratio of commercial banks so Opay and GTB doesn't multiply electronic money from customers deposits and loan it back to them again while still charging the same customers interest on loans and hefty collaterals

https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay

But what happens to the excess money already in circulation, Cardoso?

Remember, the minimum wage has already been increased even though it wasn't adviced

https://www.nairaland.com/8107351/nigerias-govt-alternative-minimum-wage

The excess money in circulation has to be paired with good LOCALLY PRODUCED
IF NOT, THIS ACTION SOLVES NOTHING

https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old

and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few.

https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria

Damgte refinery can reduce the price of transportation of food from where it is produced to where's it is eaten and our naira won't be used to chase imported food

people are sabotaging your efforts Cardoso.

Heads up!

You wasted your yrs in school in addition to father's hard earned money.

#There are genuine people that needs loan for their businesses and this will affect that there by leading to more inflation.# Apart from politicians that are stealing,where is the excess liqiduity coming from or are you tagging the free fall of naira as excess liquidity and the last time i checked Nigeria is not running any special social program that is giving out free money.

The New minimuim wage is more of mocking the populace which only benefits a minute few so definetly there wont be any impact on that.

1 Like

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 3:51pm On Jul 23, 2024

IAmHim1:
Hmmm

This is just the First: to discourage borrowing and reduce the fractional reserve ratio of commercial banks so Opay and GTB doesn't multiply electronic money from customers deposits and loan it back to them again while still charging the same customers interest on loans and hefty collaterals

https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay

But what happens to the excess money already in circulation, Cardoso?

Remember, the minimum wage has already been increased even though it wasn't adviced

https://www.nairaland.com/8107351/nigerias-govt-alternative-minimum-wage

The excess money in circulation has to be paired with good LOCALLY PRODUCED
IF NOT, THIS ACTION SOLVES NOTHING

https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old

and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few.

https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria

Damgte refinery can reduce the price of transportation of food from where it is produced to where's it is eaten and our naira won't be used to chase imported food

people are sabotaging your efforts Cardoso.

Heads up!

Na ur brain u dey see so!

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by hotseat: 3:51pm On Jul 23, 2024

Trial and error CBN (once over hyped) Governor Cardoso, seems to be punching above his weight at the moment.

He is at crossroads as to which measures to adopt to remedy the tumbling down economy.

He's now like an abiku: coming and going.

See wetin the stubborn Nigerian economy don do to this guy reputation.

Chai!

@hotseat

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by chatinent: 3:51pm On Jul 23, 2024

Clueless, rogue, heartless, and visionless.

1 Like

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Bintasukai: 3:56pm On Jul 23, 2024

SmartyPants:
Stop talking nonsense. When there is inflation you don't increase expenditure! You do the opposite! Do you even understand how inflation works??

Clearly he doesn’t

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by starpower(m): 3:56pm On Jul 23, 2024

Which school of thought

RightChanneI:
This is totally wrong! when there is inflation, government ought to reduce the interest rate and increase the expenditure not increasing the interest rate again while claiming to be fighting inflation

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Bintasukai: 3:57pm On Jul 23, 2024

RightChanneI:
This is totally wrong! when there is inflation, government ought to reduce the interest rate and increase the expenditure not increasing the interest rate again while claiming to be fighting inflation

No, the opposite is the case. During inflation, you raise the interest rate to ensure more money is not getting dumped into the market through loans.

2 Likes

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Germanhunter(m): 4:00pm On Jul 23, 2024

Hello everybody !!.. I need a business loan of 100k as at this moment .. I have good collateral and can pay back in two weeks .. it really got to this but then life is a misery …if possible, I will pay considerable interest ..loan please and I reside in Lagos and can meet up..
Thank you
Yours sincerely

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Bantu10: 4:01pm On Jul 23, 2024

Funflipper:
You are very ignorant. Raising interest rate is a way to check inflation.

You are a dullard. You don't raise interest rates when there is already inflation in the system. It's basic macro economics

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Duru009(m): 4:02pm On Jul 23, 2024

CBN governor is totally clueless!!!

Chai this country is in trouble......

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 4:04pm On Jul 23, 2024

004gist:
Inflation and interest rates have inverse relationship.

High inflation calls for high interest rate to stop money growth

The problem is that it's not induced by high demand of goods or excess liquidity, this is a peculiar issue that should be addressed locally not copying from america, the inflation that america is fighting is a fallout of the excess money they have been printing from convid time used for social programmes and their proxy war in ukraine while ours is as result of the subsidy removal and the naira collapse.

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by CorrectionFLuid: 4:07pm On Jul 23, 2024

IAmHim1:
You can type but you cannot read .... neither can you understand

Lolzzz

He challenged your argument, instead of defending your position, you started insulting him. If he insults you back now you start shouting obidients.

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by MichaelSokoto(m): 4:08pm On Jul 23, 2024

Bantu10:
Tulumbu and his Yoruba quota system CBN gofnor ~~will surely sink~~ has since sunk this country

Fixed!

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by qtx(m): 4:13pm On Jul 23, 2024

politicoNG:
https://nairametrics.com/2024/07/23/cbn-raises-interest-rate-by-50-basis-points-to-26-75/?fbclid=IwZXh0bgNhZW0CMTEAAR18ATmi6XT-FwU2kpJdQ8EZ98LLOIo9TXz2cmJxStYT2yyFwGIOsNE4tcg_aem_nBziHEPLINOlCiIm-ftk0A#google_vignette

the gambling continues. Chai! who do us this thing sef? lol

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by InvertedHammer: 4:13pm On Jul 23, 2024

IAmHim1:
Hmmm

This is just the First: to discourage borrowing and reduce the fractional reserve ratio of commercial banks so Opay and GTB doesn't multiply electronic money from customers deposits and loan it back to them again while still charging the same customers interest on loans and hefty collaterals

https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay

But what happens to the excess money already in circulation, Cardoso?

Remember, the minimum wage has already been increased even though it wasn't adviced

https://www.nairaland.com/8107351/nigerias-govt-alternative-minimum-wage

The excess money in circulation has to be paired with good LOCALLY PRODUCED
IF NOT, THIS ACTION SOLVES NOTHING

https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old

and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few.

https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria

DANGOTE refinery can reduce the price of transportation of food from where it is produced to where's it is eaten and our naira won't be used to chase imported food

people are sabotaging your efforts Cardoso.

Heads up!

/
Finally someone who understands what's at stake👍🏼

They are tackling the symptoms but not the disease.

/

1 Like 1 Share

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by caye(m): 4:13pm On Jul 23, 2024

Klington:

He raised the IGR of Lagos without producing shiiit.

The only thing his dead brain understands is tax and more tax.

APC is a curse to humanity.

The IGR of the state was raised by further impoverishing the citizens.
That was the original concept of taxation in Europe in the , say middle ages ( let's leave the Graeco-Roman period for now).

Cardoso and his fellow Lagos boys, if you check we'll, would likely be the ones together with Tinubu, to being the idea of VIO, Lastma, etc who resort to agberoism, in order to meet monetary targets set by their ogas in the lagos state tax offices. I doubt that the sole reason for setting up these agencies was simply vehicle or transportation system sanitisation, emission control or reducing accidents or holdups.
It was simply taxation.

Cardoso is a taxmaster; like a slave rider. There was no intelligent or golden policy to increase IGR , but also increase the standard of living of Lagosians.
And don't forget, we were having a combination of:

- oil boom , pre - 2015
- low foreign debt

They forgot that the original reason for taxation was not that the rulers should eat and be fat like pigs, but that the state ( country) be stronger

A strong country happens when a visionary ruler executes projects that would enhance the living conditions of his lowest citizens, because a prince is only as strong as the number of strong citizens he can control.
Once the prince's citizens are weakened , especially due to hunger and poverty, his days on the throne is just a.matter of time.[color=#990000]

Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by omohayek: 4:16pm On Jul 23, 2024

SmartyPants:
Stop talking nonsense. When there is inflation you don't increase expenditure! You do the opposite! Do you even understand how inflation works??

Well said. Good to see that there at least a few educated people left on Nairaland.

2 Likes 1 Share

1 2 3 4 5 Reply

CBN Increases Interest Rate To 27.25% From 26.75% • CBN Raises Interest Rate To 26.25 % Amid Soaring Inflation Levels • 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike • 2 • 3 • 4

Has ATM Machine Ever Seized Your Card Before? • Enugu Community Honours Billionaire Apams CEO With Chieftaincy Title • Start A Perfume Oil Business With 20k Only