Amid Inflation, CBN Raises Interest Rate To 26.75% - Business - Nairaland
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CBN Raises Interest Rate To 26.25 % Amid Soaring Inflation Levels / CBN Raises Interest Rate To 18.75% / 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike (2) (3) (4)
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| Amid Inflation, CBN Raises Interest Rate To 26.75% by politicoNG: 2:22pm On Jul 23 |
The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%. https://nairametrics.com/2024/07/23/cbn-raises-interest-rate-by-50-basis-points-to-26-75/?fbclid=IwZXh0bgNhZW0CMTEAAR18ATmi6XT-FwU2kpJdQ8EZ98LLOIo9TXz2cmJxStYT2yyFwGIOsNE4tcg_aem_nBziHEPLINOlCiIm-ftk0A#google_vignette 5 Likes
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| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Bantu10: 2:22pm On Jul 23 |
Tulumbu and his Yoruba quota system CBN gofnor will surely sink this country 40 Likes 2 Shares |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by IAmHim1: 2:23pm On Jul 23 |
Hmmm This is just the First: to discourage borrowing and reduce the fractional reserve ratio of commercial banks so Opay and GTB doesn't multiply electronic money from customers deposits and loan it back to them again while still charging the same customers interest on loans and hefty collaterals https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay But what happens to the excess money already in circulation, Cardoso? Remember, the minimum wage has already been increased even though it wasn't adviced https://www.nairaland.com/8107351/nigerias-govt-alternative-minimum-wage The excess money in circulation has to be paired with good LOCALLY PRODUCED IF NOT, THIS ACTION SOLVES NOTHING https://www.nairaland.com/8101772/nigerias-inflation-introduction-subsidy-old and yes, a bag of rice can become #15000 or #5000 if and IF the rice is excess and the money in circulation is few. https://www.nairaland.com/8069458/wealth-series-pt-2-nigeria DANGOTE refinery can reduce the price of transportation of food from where it is produced to where's it is eaten and our naira won't be used to chase imported food people are sabotaging your efforts Cardoso. Heads up! 7 Likes 2 Shares |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by EyeCumInPiece: 2:33pm On Jul 23 |
Baba God, abeg deliver your people from this disastrous plague called éBola.  49 Likes 6 Shares |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by RightChanneI: 2:45pm On Jul 23 |
This is totally wrong! when there is inflation, government ought to reduce the interest rate and increase the expenditure not increasing the interest rate again while claiming to be fighting inflation 24 Likes |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by MasterJayJay: 2:48pm On Jul 23 |
IAmHim1:Because Dangote will sell petrol at 200 naira per litre? It wasn't advisable to have increased minimum wage from 30,000 naira to 70,000 naira? So they should have reduced the minimum wage to 5,000 naira. The only excess money in circulation is the one in the hands of polithievians and those appointed by government to head agencies. Current inflation is as a result of removal of petrol subsidy and devaluation of naira. There's no way a bag of rice can sell for 15,000 naira when these factors are still there. The only person sabotaging the government is the government itself. 29 Likes 4 Shares |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by treesun: 2:55pm On Jul 23 |
politicoNG: How can investors and borrowers survive on 26.75% rate. Cardoso is killing us, how do you curb inflation with this unimaginable rate! 4 Likes 2 Shares |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by ozo13(m): 3:03pm On Jul 23 |
And the useless loan shacks are collecting 34% just for a month loan not even a year 6 Likes 1 Share |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Artscollection: 3:11pm On Jul 23 |
Raising interest rates as if the high inflation was induced by excess liquidity or free money this goes a long way to show that these Lagos boys are frauds, patch patch CVs with no common sense 23 Likes 1 Share |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by IAmHim1: 3:15pm On Jul 23 |
You can type but you cannot read .... neither can you understand Lolzzz MasterJayJay: |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by MasterJayJay: 3:17pm On Jul 23 |
IAmHim1:No dey type nonsense or stop copying and pasting what you can't defend. 10 Likes |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Yankee101: 3:29pm On Jul 23 |
Madness 1 Like |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by iichidodo: 3:29pm On Jul 23 |
Good... Remember what we said here.......https://www.nairaland.com/8160515/nigerias-fx-reserves-defy-forecasts#131064898.....I think Cardoso is listening to us. It all remains for him to let this macroeconomic policy take effect for a while, then commence aggressive defense of the Naira to 1300+.. |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Svlla: 3:29pm On Jul 23 |
o |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by AngelicBeing: 3:29pm On Jul 23 |
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| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by madridguy(m): 3:29pm On Jul 23 |
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| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by surgical: 3:30pm On Jul 23 |
IAmHim1:if your cost of production is high there is no magic that can make you sell low or cheap except you want to incure losses Production input ,raw materials high,cost of borrowing high,cost of transportation high,taxes high Wages low, purchasing power at the lowest ebb How is this action of CBN going to curtail inflation under this circumstances 7 Likes 1 Share |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by bigdammyj: 3:31pm On Jul 23 |
Noted. |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Hackerman4745: 3:31pm On Jul 23 |
This one no concern the common man. Common man just need to feed that's all. Nothing concern common man with loan 1 Like |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by fmlala: 3:31pm On Jul 23 |
OK |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Gbeng30(m): 3:32pm On Jul 23 |
Naija we hail thee, tinubu we hail thee We're in for it already 1 Like |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by SpatialKing(m): 3:32pm On Jul 23 |
Is so embarrassing that all these are happening under a Yoruba Government 7 Likes |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Hemanwel(m): 3:33pm On Jul 23 |
This CBN guy doesn't know what he's doing, olohun! See where nepotism has landed us. 4 Likes |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by caye(m): 3:33pm On Jul 23 |
I read through IamHim1's post. I'm speechless. Honestly,... We were all miseducated from primary school to university: the education of a grass cutter. Economics & economic theory has some general principles, that can be applied across nations, but you got to be careful;... when cultures, conditions, beliefs, races etc are different, then each must be subject to possible scenarios. 1. How many ppl are making & keeping large percentages of their money as savings , in this economy, compared to , say 2014? Therefore , if the answer is that savings or money in thw bank are reducing, increasing interest rates WON'T KEEP MONEY WITHIN AN ECONOMY experiencing galloping hyper- ultra inflation. Truly, Cardoso is looking at the borrowing aspect for importation & exports. You don't want more ppl to borrow, and then sell goods across the border or overseas, so as to keep a substantial amount of money within the economic system, but...Olayemi, those exporting will not bring back dust na? Some forms of money will also return to the system. If it is the importation/ export part, even if some farmers in Niger (!) , zamfara or Owode-yewa are being said to be transporting agric products from Nigeria ( how many sef?) to across the border , so they can get better foreign exchange ( CFA), the CFA comes back into the economy. The CBN is thinking that Nigeria food market may be getting deprived of agric products if cross border trade is encouraged , because ( you may not know) THE MOST DEVALUED CURRENCY RIGHT NOW IN WEST AFRICA IS THE NAIRA! Even if a smart business person borrows from bank to import ( say beans ) from Togo, they will still pay interest on the principal. At least you are stimulating trade. But Cardoso, low farm output due to insecurity + high interest rate + high fuel price = chaos! Cardoso , it seems, wants stagnant money within an economy. But stagnant money, with hunger, with inflation...is it high interest that will now reset the economy? The egbon seems to be seeing economy from the monetary aspect only, but is forgetting the Real Economy ( agriculture +industry) These Lagos boys are just working by textbook theories! I doubt if they are going physically to the markets, ports, borders , etc and seeing the REAL EFFECTS ON THE MAJORITY OF THE POPULATION. They sit inside AC offices in Abuja, and watch foreign news, thinking that IMF/ world bank economic policies will deliver Nigeria. Do you think that India that was told by the Europeans in the 1940s that it would take them 70-100 yrs to achieve agric breakthrough in output, ( India had a lot of famines from 1700-1930s; caused by the evil British stealing majority of their output ), but same India did it in 25-40 years! It wasn't IMF / world bank economic strategies...it was Indian Native Economic knowledge! Cardoso & his oga are lost men! 13 Likes 1 Share |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by olax02(m): 3:33pm On Jul 23 |
politicoNG:Good day everyone. I am seriously in need of a job. I lost my job three months ago and since then this Earth has been like hell for me. If anyone can link me up with any Administrative job I would appreciate it. I had an HND in Public Administration. I reside in Lagos. ( 081 2622 4876) Thank you. |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Klington: 3:34pm On Jul 23 |
 He raised the IGR of Lagos without producing shiiit. The only thing his dead brain understands is tax and more tax. APC is a curse to humanity. 6 Likes |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Emeskhalifa(m): 3:34pm On Jul 23 |
Na person wey chop dey save money . If dem like make dem raise am to 100%, shi shi I no get to dash any bank in the name of savings |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Melagros(m): 3:35pm On Jul 23 |
COMRADES are speechless at this high level of callousness and incompetent Those who are still expecting any good thing from Tinubu, please keep waiting |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Bubu4Sea: 3:35pm On Jul 23 |
The sooner we break nija the better The SS & SE does not need to be linked to this failed country run by a druglord 1 Like |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by Tayorshd87: 3:36pm On Jul 23 |
Minimum wage just increased . Yet CBN increased interest rate And we are getting ready for fuel price to hike too . Nigerian which way 😢 |
| Re: Amid Inflation, CBN Raises Interest Rate To 26.75% by nairaman66(m): 3:37pm On Jul 23 |
Group of unscrupulous elements. Nigeria will pack up like a house of cards in the hands of these people. |
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