Business

CBN jacks up interest rate to 18 per cent

Published

2 years ago

March 21, 2023

The Central Bank of Nigeria (CBN) has jacked up the interest rate from 17.5 per cent to 18 per cent.

The governor of the CBN, Godwin Emefiele, disclosed in Abuja on Tuesday while speaking on the outcome of the meeting of the Monetary Policy Committee.

The latest increase in monetary policy rate, it was learnt, was part of the aggressive measures to contain the nation’s rising inflation.

Last week, Nigeria’s inflation rate rose to 21.91 per cent amid the scarcity of cash.

The monetary policy rate (MPR) measures interest rate.

This is the second consecutive time the apex bank will be raising the benchmark rate this year.

Emefiele said the committee members voted to hike the rate by 50 basis points to 18 per cent, retain the asymmetric corridor at +100 and -700 basis points around the MPR, retain the cash reserve ratio (CRR) at 32.5 per cent and liquidity ratio at 30 per cent.

He said although inflation had remained on the increase, the previous tightening measure continued to reduce the rate of price increase.

The CBN governor said the apex bank’s stringent micro and macro-prudential guidelines had ensured the stability and sustenance of the banking system.

He cited factors such as the planned petrol subsidy removal as one of the reasons for the tightening stance of the monetary policy committee.

Emefiele said, “Whether we like it or not, subsidy will likely be removed before the end of this administration in May.

“To reduce the gap in negative real rates, we will continue to tighten but more moderately.”

The MPR is also the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

5 hours ago

November 26, 2024

Trends Admin

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

6 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

10 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”