CBN don raise di Monetary Policy Rate 17.5%
In efforts to control inflation through monetary tightening, di Central Bank of Nigeria (CBN), don raise di Monetary Policy Rate (MPR) by 100 basis points to 17.5 percent from 16.5 percent.
As dem dey tok for di end of this year first meeting of di Monetary Policy Committee, MPC, for Abuja yesterday, Governor of CBN, Mr. Godwin Emefiele, explain say although di previous rate hikes don start to moderate inflationary pressures, di result still no look good enough to hold or reduce di MPR.
According to wetin hin tok, dem dey happy as some of di policies wey dem introduce for di last couple of months to control inflation, e don dey yield results.
But, MPC members feel say di 10 basis points drop from 21. 47% to 21.34% no dey good enough as a reason to begin celebrate.
Dem don conclude say di inflation rate dey reduce, Year-on-Year, but di other underlining figures neva give dem reasons to celebrate. Na why dem don decide now to dey aggressive in dia tightening.
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Hin tok say na only N370b Stamp Duty dem collect.
Emefiele dismiss claims wey tok say CBN dey hold N89 trillion Stamp Duty fund.
He yarn say dem no understand why those kain arguments go come up.
Hin still explain say di total assets of di banking industry today dey about N71 or N71.5 trillion. Di total deposits of di banks na N44. 498 trillion.
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