Complete communique of CBN’s MPC meeting held 21st and 22nd of September, 2020

CONaira 4 Dollar SchemeVID-19 healthcare funds

CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 132 OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 21st AND 22nd SEPTEMBER 2020 The Monetary Policy Committee (MPC) met on Monday 21st and Tuesday 22nd September 2020, in the light of lingering uncertainties associated with the COVID-19 pandemic and downturn in crude oil prices. These uncertainties which centered primarily on when the pandemic will be fully subdued and the oil market return to normalcy, have resulted in persistent weak aggregate demand, disruptions in global supply chains, mixed price development, volatile and downward trending…

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11.5% MPR: Emefiele explains factors surrounding rate cut, others

Credit to private sector hits N32.2trn in Maysector recorded marginal uptick in April – CBN report

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has explained factors that led to 100 basis points reduction in lending rate and other decisions taken at its last Monetary Policy Committee (MPC) meeting that ended on Tuesday. At the end of the 2-day meeting, the Committee had reduced the monetary policy rate (MPR) by 100 basis points from initial 12.5 per cent to 11.5 per cent and adjusted the asymmetric corridor to +100/-700 around the MPR. According to Emefiele, the Committee reviewed the choices before it, bearing in…

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Breaking: CBN reduces MPR by 100bps to 11.5%

CONaira 4 Dollar SchemeVID-19 healthcare funds

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to reduce the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. Godwin Emefiele, CBN governor disclosed this while reading the communique at the end of the MPC meeting on Tuesday. The two-day meeting commenced Monday at the apex bank’s head office in Abuja. However, the committee retained CRR at 27.5 per cent stating that the recent inflationary pressures is not driven by monetary policies, rather as a result…

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MPC Preview: Balancing FX Stability and Moderating Economic Contraction

By NOVA Merchant Bank Summary At its meeting in July, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria elected to maintain status quo on traditional monetary policy tools. Specifically, the committee noted a further cut in Monetary Policy Rate (MPR) may not necessarily lead to a corresponding decrease in market interest rate, considering the current economic challenges. On the other hand, given the structural fallout that necessitated increases in consumer prices, an upward adjustment of the MPR at the time would have further heightened the cost of…

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CBN set to hold 275th MPC meeting

CONaira 4 Dollar SchemeVID-19 healthcare funds

The Central Bank of Nigeria has announced the date for the next meeting of its Monetary Policy Committee. In a circular obtained by Business Metrics from its official website, the apex bank disclosed that September 21-22 has been booked for the meeting during which it will determine key monetary rates as a response to prevailing economic realities and with a few to repositioning the nation’s economy. The meeting, scheduled to hold at Meeting Room, 11th Floor, CBN Headquarters, Abuja is the 275th of its kind in the history of the…

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Emefiele’s personal statement at the 131st MPC Meeting of July 20, 2020

Credit to private sector hits N32.2trn in Maysector recorded marginal uptick in April – CBN report

At the last Monetary Policy Committee (MPC) meeting held on July 20, 2020, the Chairman of the committee and Governor of the Central Bank of Nigeria (CBN) appraised the current local and global economic realities, and led other members of the committee at the end of the 131 MPC meeting to decide key monetary indices. Below are Emefiele’s words at the meeting: Global macroeconomic stability was significantly impaired in the first half of 2020 due to the widespread covid-19 pandemic, leading to a high degree of uncertainty in the short-term…

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Emefiele: Nigerian govt approves establishment of infrastructure development firm

CBN raises SMEs fund to N300bn as beneficiaries get N149.21bn

The Central Bank of Nigeria (CBN) is to establish an Infrastructure Development Company, its governor, Godwin Emefiele, disclosed on Monday in Abuja. Mr Emefiele, who spoke during the online media briefing at the end of the 274th meeting of the Monetary Policy Committee MPC) said the company would leverage on local and international funds to rebuild critical infrastructure across the country. At the briefing, the CBN governor said the committee resolved to retain all monetary policy parameters, including monetary policy rate (MPR), popularly called lending rate, at 12.5 per cent.…

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