Nigeria raises interest rates to 10.25%
by Richard Kilner
Story link: Nigeria raises interest rates to 10.25%
The Central Bank of Nigeria (CBN) has increased its Monetary Policy Rate (MPR) by 25 basis points, taking the rate from 10% to 10.25%.
With the increasing cost of food fuelling inflation, the CBN has made its move in an effort to stem the tide of rising prices.
Inflation has recently risen from 7.8% in March to 8.2% in April.
The MPR rate hike is not expected to have a substantial impact on the costs of lending for banks.
Recently liquidity has been scarce in Nigeria, and lending costs have soared by almost a third, making the quarter point MPR rise less significant by comparison.
Add to Bookmarks:
Related stories to: Nigeria raises interest rates to 10.25%
World Bank’s $180m grant to Nigeria not yet accessed ...Blue expands into Nigeria with multi-partner venture ...
Oceanic Bank aims to enhance savings culture in Nigeria ...»
No comments yet.Leave a comment
Previous: « UBA appointed Nigerian sub-custodian by BNYM
Next: HBOS offers “cashless take-up” of rights issue »
Visited 1072 times, 4 so far today