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Ex-ANAN president urges CBN to adjust MPR, CRR

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A Financial Analyst, Dr Samuel Nzekwe, has advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to make little adjustment in the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) of Deposit Money Banks.

Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice while speaking with the News Agency of Nigeria (NAN) in Ota, Ogun on Sunday.

He spoke against the backdrop of his expectation on the forthcoming two-day MPC meeting, which would kick off on Monday.

NAN reports that the MPC will be holding its two-day meeting, in Abuja on Monday and Tuesday to deliberate on the key monetary instruments.

The ex-ANAN boss stressed the need for MPC of the apex bank to do a little adjustment in the CRR of the Deposit Money Banks.

Nzekwe noted that the MPC also needed to look at the interest rate of banks to attract new investors into the banking sector.

“MPR is one of the economic tools to reduce inflation rate but unfortunately this measure has not been able to stem the nation’s inflationary trend.” he said.

 

He said that reducing MPR for Money Deposit Banks would create more business activities and boost the economic growth of the country.

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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Inflation To Fall In 2024 — CBN

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The Central Bank of Nigeria’s governor Yemi Cardoso expects headline inflation to fall to 21.4 per cent in 2024.

The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”

 

According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.

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