The Monetary Policy Committee of the Central Bank of Nigeria has cut down the benchmark lending rate from 14 per cent to 13.5 per cent to further promote economic growth.
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The Monetary Policy Committee for the 14th consecutive time retained the Monetary Policy Rate at 14 per cent.
The Central Bank of Nigeria plans to increase the flow of credit to the real sector of the economy to consolidate and sustain the nation’s economic recovery.
The News Agency of Nigeria reports that the index which opened at 40,749.86, rose by 125.83 points or 0.31 per cent to close at 40,875.69.
The Central Bank of Nigeria Governor, Godwin Emefiele, said this while briefing newsmen on the outcome of the first MPC meeting for 2018 in Abuja on Wednesday
The News Agency of Nigeria reports that the index shed 105.78 points or 0.26 per cent to close at 40,749.86 against 40,855.64 achieved on Tuesday.
The News Agency of Nigeria reports that the market capitalisation lost N234 billion or 1.56 per cent in a day to close at N14.758 trillion compared to N14.992 trillion achieved on Thursday.
Onyepere, who said this in an interview with the News Agency of Nigeria on Monday in Abuja, noted that this could be a solution to high lending rates by financial institutions.
He said that lowering the Monetary Policy Ratio and other rates by the CBN Monetary Policy Committee was critical to revamping the productive sectors of the economy.
The News Agency of Nigeria reports that the index which opened at 41,243.24 shed 441.16 points or 1.07 per cent to close at 40,802.08 amid loses by some highly capitalised equities.
The financial experts said this in an interview with the News Agency of Nigeria while reacting to expectations for the long-awaited first MPC meeting of the year.
The MPC is established by CBN Act as an autonomous body that articulates Nigeria’s monetary policies
This followed a point of order raised by Senator Rafiu Ibrahim, who sought a revisit of the position of the Senate
A statement signed by Emefiele in Abuja on Monday, said the meeting, which was earlier scheduled for the day and Tuesday, had been cancelled due to the non-confirmation of the MPC nominees by the Senate
Traders told NAN that patronage at the market was slow as they awaited the outcome of the Monetary Policy Committee meeting of the Central Bank of Nigeria
The Governor of the Central Bank of Nigeria, Godwin Emefiele, made this known at a news conference on the outcome of the last Monetary Policy Committee meeting for the year 2017 in Abuja on Tuesday
The News Agency of Nigeria reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters.
The Governor of the CBN, Godwin Emefiele, said this on Tuesday in Abuja while addressing newsmen on the outcome of the MPC meeting
Godwin Emefiele, the Governor, Central Bank of Nigeria, said this while briefing newsmen on the outcome of the 257th meeting of the MPC on Tuesday in Abuja.
At Monday’s Forex trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $50,000,000 to the Small and Medium Enterprises forex window.