Unfavorable macroeconomic conditions across the globe have prompted major central banks to embark on a monetary easing cycle to counter a global slowdown.
However, in its July meeting, the CBN decided to keep its Monetary Policy Rate unchanged at 13.5 percent to allow time for the full impact of other measures. So far, these include a firm bank directive from July requiring 60 percent of deposits to be available for lending to the real economy instead of buying government securities. These securities are high yield because of the current 13.5 percent MPR and understandably attractive to the banking sector seeking stable investments of their own.
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CBN may cut rate as inflation slows to 12-month low – Daily TrustAnalysts have indicated that the latest inflation figures from the Nigerian economy are good news for the Central Bank of Nigeria (CBN) and the economy as a whole. Inflation in Africa’s largest economy dropped to its lowest in a year at 11.1% last month as food prices and services reduced in July compared to June.ADVERTISEMENT …
Source: Daily Trust - 🏆 13. / 51 Read more »