The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Headline News

MPC maintains status-quo on potential inflationary pressures

Arin Odumusi by Arin Odumusi
September 26, 2017
in Headline News
MPC maintains status-quo on potential inflationary pressures
0
SHARES
4
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Monetary Policy Committee of the Central Bank of Nigeria yesterday rose from its two day meeting leaving rates unchanged for the seventh time in a row.

Only one member of the seven that attended the meeting voted for a cut in benchmark interest rate.

You might also like

Natasha To Resume Senate Duty On Tuesday After Court Ruling

Gunmen Taunt Police In Video After Killing Officer In Imo Attack, Flash Stolen Rifles

Police Arrest Five For Oyo Kidnap, Recover ₦4.6m Ransom

The decision to hold is in line with the expectations of most analysts who were optimistic that the committee will continue to hold rates to sustain its gains at the foreign exchange market and retain the inflow of foreign investors.

Godwin Emefiele, CBN governor, during a briefing following the meeting said loosening monetary policy at this time would exacerbate inflationary pressures and worsen the exchange rate and inflationary rate condition.

The apex bank left benchmark interest rate at 14 per cent, Cash Reserve Requirement at 22.5 per cent, Liquidity Ratio at 30 per cent and the asymmetric corridor at +200 and -500 basis points around the MPR.

The value of the naira had remained stable at N367 at the parallel market and N360 at the investors and exporters window.

The CBN had sold $195 million yesterday to boost liquidity at the forex market.

Inflation rate in the country has been on the decline dropping to 16.01 per cent in August strengthening the call by the real sector for a cut in benchmark interest rate but analysts warn that there might still be a rise in inflation.

Nigeria emerged from recession in the second quarter of this year, when Africa’s biggest economy expanded 0.55 per cent year-on-year after the economy shrank by 1.5 per cent in 2016, its first annual contraction in 25 years.

The recession was largely caused by low oil prices since the country relies on crude oil sales for around two-thirds of government revenue.

Tags: headlineinflationary pressuresMPCnewsNEXT EDITIONNigerian newspaperstatus-quo
Arin Odumusi

Arin Odumusi

Recommended For You

Senator Natasha Akpoti’s Macabre Dance in Brekete Family Radio

Natasha To Resume Senate Duty On Tuesday After Court Ruling

  The suspended senator representing Kogi Central, Natasha Akpoti-Uduaghan, has stated that she will resume legislative duties in the Senate on Tuesday following a court order directing her...

Gunmen Shoot FIRS Official Dead In Abuja

Gunmen Taunt Police In Video After Killing Officer In Imo Attack, Flash Stolen Rifles

  Gunmen suspected to be behind Sunday morning’s deadly attack on a police patrol team in Imo State have appeared in a video, boasting about the operation and...

New Police

Police Arrest Five For Oyo Kidnap, Recover ₦4.6m Ransom

  The Oyo State Police Command has arrested five suspects allegedly involved in the June 26 abduction of a man identified as Timothy in Mokorede, Ipapo, within the...

FG Puts Up Presidential Jet For Sale In Switzerland

FG Puts Up Presidential Jet For Sale In Switzerland

  The Federal Government has listed Nigeria’s 20-year-old Boeing Business Jet (BBJ), formerly used for presidential travel, for sale in Switzerland following its replacement by a newly acquired...

Next Post
Recall process: INEC drops documents in front of Melaye’s office

Recall process: INEC drops documents in front of Melaye’s office




Related News

Ronaldo Scores 100th Goal For Portugal

Ronaldo Scores 100th Goal For Portugal

Super TV CEO: Why Police Released Suspect’s Father —Lagos CP

Ataga’s Murder: Family Wants Police To Go Beyond Arrest Of Suspect

COVID-19: Oxygen Demand May Hit 750 Cylinders Daily – Lagos Govt

LASG Arrests 30 Persons For Rebuilding Demolished Illegal Structures




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited