ADVERTISEMENT
TechEconomy
Saturday, June 7, 2025
No Result
View All Result
Advertisement
ADVERTISEMENT
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Analysts Warn CBN of Continued Increase on Interest Rate to Combat Inflation

Analysts Warn CBN of Continued Increase on Interest Rate to Combat Inflation

Justice Godfrey Okamgba by Justice Godfrey Okamgba
March 24, 2023
in Finance
1
Inflation

RelatedPosts

Nigeria and USD, Nigerian Banking System - Naira Appreciate

Naira Continues to Appreciate in Official Market, Closes at N1,553/$1

June 6, 2025

Naira Strengthens Further in Official Market, Closes at N1,565/$1

June 5, 2025
UBA
Advertisements

The Central Bank of Nigeria (CBN) continued to increase the Monetary Policy Rate (MPR), otherwise known as the interest rate, to combat inflation could stifle economic growth, analysts have said. 

The apex bank’s Monetary Policy Committee (MPC) raised the benchmark interest rate by 50 basis points to 18.0% from 17.5% at the end of its two-day meeting on Tuesday, marking the sixth consecutive rate hike.

According to Dr. Chinyere Almona, Director General of the Lagos Chamber of Commerce and Industry (LCCI), the monetary authority’s consistent hawkish stance is in response to high inflationary pressure, but the move has not dampened the rise in inflation.

Almona said in a statement seen by TechEconomy: “This consistent hawkish stance by the monetary authority is in response to the high inflationary pressure. At 21.91%, the inflationary rate is more than twice the targeted range (6 – 9%) set by CBN. 

Since April 2022, inflation has increased from 16.82% to 21.91% in February 2023. Despite the 6.5% points increase in the key rate over the same period, inflation does not seem to be letting off.

“The price rises that continue to hit the system appear non-transitory. We, like the other market watchers, expected CBN to hold off an increase or at best moderate, the key rate given the weak relationship between it and inflation, especially after manufacturers and other businesses are groaning under high borrowing costs and the cash crisis.

“While CBN has the overarching mandate of ensuring price stability, we suggest it should not be done in a manner that compromises growth, more especially in the face of high unemployment.

Furthermore, the instrumentality of monetary policy alone appears quite insufficient to guarantee the desired results of low, stable, and predictable prices. We believe that structural rigidities around infrastructure and agriculture should be looked into and tackled to rein in inflation.

“Inflation chips away at purchasing power leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.”

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBNInflationInterest Rate
Previous Post

LG Displays Innovative Home Appliance line-up at MEA 2023 Showcase

Next Post

Nigeria Air to Begin Operations Before May 29

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Nigeria and USD, Nigerian Banking System - Naira Appreciate
Finance

Naira Continues to Appreciate in Official Market, Closes at N1,553/$1

by Latifat Fashina
June 6, 2025
0

The naira strengthened further in the official market on Thursday and closed at N1,553/$1, a 0.77% appreciation from the previous...

Read more
Hot money in Nigeria - Naira | official market

Naira Strengthens Further in Official Market, Closes at N1,565/$1

June 5, 2025
Naira vs Dollar | Asset management

Naira Appreciates to N1,579/$1 as Market Confidence Grows

June 4, 2025
Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Next Post
Nigeria Air

Nigeria Air to Begin Operations Before May 29

Comments 1

  1. Pingback: 9PSB takes Financial Literacy to Secondary Schools in Lagos, Kano and Abuja

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.