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The stance of Monetary Policy in the review period remained accommodative as the Monetary Policy Rate was maintained at 13.50 per cent. On month-on-month basis, broad money supply (M3), grew by 2.2 per cent to N35,675.9 billion at End-July 2019. The development reflected the 3.4 per cent growth in domestic credit (net), which more than offset the 4.4 per cent and 3.2 per cent decline...
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Monetary Policy refers to the specific actions taken by the Central Bank to regulate the value, supply and cost of money in the economy with a view to achieving Government’s macroeconomic objectives. For many countries, the objectives of monetary policy are explicitly stated in the laws establishing the central bank, while for others they are not. The objectives of monetary policy may vary from country...
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Consumer prices increased 1.04% on a month-on-month basis in September, up from August’s 0.99% rise. The slight acceleration was mainly driven by a faster growth of food prices. Inflation rose from its over three-year low of 11.0% in August to 11.2% in September. Thus, it climbed further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation remained stable at 11.3% for the...
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At its 19–20 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to hold its monetary policy rate, as well as all other monetary policy parameters for the third consecutive meeting, as had been broadly expected by analysts. As a result, the policy rate is still at 13.50%, after the Bank surprised markets in March with the first...
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1.INTRODUCTION The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, unveiled the Bank’s five-year vision and policy thrust on June 24th, 2019. The CBN’s five-year economic plan will largely hinge on efforts at promoting price, monetary, exchange rate and financial system stability as well as stimulating growth through development finance interventions. The CBN Governor further outlined the strategies through which the Bank...
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