The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its 293rd meeting held on the 27th of February, raised the Monetary Policy Rate (MPR) by 400 basis points, from 18.75 percent to 22.75 percent. The MPR is the benchmark interest rate set by the CBN for commercial banks to disburse loans to businesses and individuals. The committee also agreed to raise the Cash Reserve Ratio (CRR), the percentage of a commercial bank’s deposits that it must keep in reserve, from 32.5 percent to 45 percent.
March 24, 2024
Nigeria Economic Update(Issue 9)
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Africa Economic Update (Issue 3)
Available data shows that headline inflation rates increased and remained high in most countries in the region in February 2017. Specifically, inflation rate increased in Egypt (30.2), Burundi (20.9 percent), Kenya (10.28), and Ethiopia (8.5 percent), while it eased in Nigeria (17.78 percent), Ghana (13.2 percent), South Africa (6.3 percent), and Namibia (7.8 percent). Seychelles (-0.6 percent) remained in deflation while Sudan (32.86 percent) and Tunisia (4.6 percent) had unchanged inflation rates within the review period. Increased cost of food continued to plague the region as food component of inflation remained the major driver of inflation. Drought in East Africa continues to compound price pressure in the region. Inflation rates in Burundi6, Kenya and Ethiopia increased by 8, 3.29, and 2.4 percentage points respectively, signifying the three highest price increase in the review period
Nigeria Economic Update (Issue 40)
Global crude prices settled lower in the review week (September 29 to October 6, 2017). Precisely, a barrel of Brent crude sold for about $56, showing a 6.3 percent decrease. Nigerias Bonny light exchanged at $56.76 per barrel as at October 6, 2017. The draw down in price may be attributable to indications of higher output, as revealed by the addition of more production rigs by the U.S, rise in Iraqs crude exports and survey showing OPECs overall boosted supply.