• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Thursday, July 24, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home News

MPC likely to increase lending rate by another 100 basis points-expert

Editor-in-Chief by Editor-in-Chief
May 19, 2024
in News
0
MPC likely to increase lending rate by another 100 basis points-expert

MPC likely to increase lending rate by another 100 basis points-expert

0
SHARES
3
VIEWS
FacebookTwitterWhatsappEmailTelegram

As the Monetary Policy Committee (MPC) meets on Monday, a financial expert, Prof. Uche Uwaleke, says the committee will likely increase the baseline lending rate by another 100 basis points.

Uwaleke, a Professor of Capital Market and the President of Capital Market Academics of Nigeria, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

RelatedPosts

Benue killings: Police Arrest Additional Gun Runners, Recover 2 GPMG, 12 AK47 Rifles, Ammunition

Report Purportedly  Linking Me To Banditry Is False, Baseless-Col. Moyi

PPDC Wins Lawgistics Impact, Partnership Award

NAN reports that the MPC, under the leadership of Mr Yemi Cardoso, had increased the Monetary Policy Rate (MPR) by 400 basis points in February and 200 basis points in March,

This led to a cumulative increase of 600 basis points, moving the MPR from 18.75 per cent to 24.75 per cent, in line with aggressive tightening of the CBN to target spiralling inflation.

According to Uwaleke, we should expect another increase of at least one percentage point.

“Inflation rose year-on-year in March in spite the hike in February, and the exchange rate has yet to stabilise.

“So, MPC will still be concerned about the need to narrow the negative interest rate.

“Again, following the IMF/World Bank spring meetings last April, the CBN has received praise from the IMF and some global rating agencies such as Fitch for its monetary policy tightening stance.

“MPC will be mindful of that in order not to create a different impression, especially when the Bretton Woods Institutions are urging the apex bank to do more,” he said.

ALSO READ:  Centre demands prosecution of IBB over June 12 annulment

He, however, urged the committee to retain the prevailing rates to mitigate the impact of its aggressive policy tightening on Nigerians.

“If I were a member of the MPC, I will vote for a hold position as the aggressive policy rate hike is taking a toll on output.

“Production is stiffled because of the very high cost of funds. Moreover, the seeming over reliance on the MPR as a tool to tame inflation does not appear to be making any meaningful impact.

“This is due to the significant non-monetary factors driving inflation in Nigeria, such as high cost of energy, transport as well as insecurity in the food-belt regions of the country,”  he said. (NAN)

Tags: lendingMPC
Editor-in-Chief

Editor-in-Chief

Sunday Isuwa is an Award-winning Journalist #SpacesHost and hold post graduate degrees in Mass Communication. He is the Editor-in-chief and his stories have affected the lives of millions and shape the global politics and business.

Related Posts

Benue killings: Police Arrest Additional Gun Runners, Recover 2 GPMG, 12 AK47 Rifles, Ammunition

Benue killings: Police Arrest Additional Gun Runners, Recover 2 GPMG, 12 AK47 Rifles, Ammunition

by Nathaniel Irobi
July 23, 2025
0

In furtherance of Police investigation on the deadly attacks by bandits on communities in Benue State, Police operatives have again...

Report Purportedly  Linking Me To Banditry Is False, Baseless-Col. Moyi

Report Purportedly  Linking Me To Banditry Is False, Baseless-Col. Moyi

by Nathaniel Irobi
July 23, 2025
0

By Ankeli Emmanuel, Sokoto Registering his surprise over an online publication by the leader.ng where it was reported on 26th...

PPDC Wins Lawgistics Impact, Partnership Award

PPDC Wins Lawgistics Impact, Partnership Award

by Ojimaojo Abubakar
July 23, 2025
0

The Public and Private Development Centre (PPDC) has emerged as the recipient of the prestigious Most Strategic Impact and Partnership...

Recommended

Sani receives PDP, LP decampees in Southern Kaduna

Uba Sani Launches Committee for Fertiliser Distribution to 100,000 Farmers in Kaduna

4 days ago
420kg of Pangolin Scales Seized in Kano – Customs

420kg of Pangolin Scales Seized in Kano – Customs

6 days ago

Popular News

  • CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    0 shares
    Share 0 Tweet 0
  • Bwari Council Chairmanship Aspirant, Dara, Dumps Labour Party Over Suspected Foul Play In Primaries

    0 shares
    Share 0 Tweet 0
  • Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    0 shares
    Share 0 Tweet 0
  • Bannon Tried to Use Iran Strike to Split the GOP Says Former Counselor to Jared Kushner, Eliyahu Okkon, Esq.

    0 shares
    Share 0 Tweet 0
  • Tinubu Orders Audit to Reform Civil Service

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (748)
  • Education (217)
  • Entertainment (311)
  • Health (195)
  • National (2,216)
  • News (8,285)
  • Opinion (308)
  • Politics (1,635)
  • Science (15)
  • Security (406)
  • Sports (445)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform