• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

MPR: Economists say rates increase didn’t meet expectations

MPR

The Matters Press by The Matters Press
March 21, 2023
Reading Time: 2 mins read
0
Consumer commission, CBN, EFCC investigate violations in money lending

Financial economists said on Tuesday that the decision by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), to raise Monetary Policy Rate (MPR), did not meet their expectations.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The experts said that they expected the committee to retain a hold on rates due to the recent cash crisis caused by the redesigning of the new banknotes.

The MPC at the end of its two-day meeting in Abuja, unanimously voted to increase the benchmark interest rate by 50 basis points to 18. per cent.

The CBN Governor, Mr Godwin Emefiele, while reading the communiqué of the meeting on Tuesday, said the Committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

The MPC also retained asymmetric corridor at +100 and -500 basis points around the MPR.

MPR is the interest rate at which CBN lends to commercial banks; it therefore serves as benchmark against which other lending rates in the economy are pegged.

A raised MPR signals to commercial banks to accordingly hike their interest rates on loans/advances to their customers, and vice versa.

The MPR has been on the rise since April 2022, when it was 11.50 per cent.

Emefiele said that the slight increase was to moderate the effect of inflation and other economic issues.

A professor of Capital Market, Nasarawa State University, Keffi, Uche Uwaleke, expected the MPC to maintain a hold position on rates and signal a pause to policy tightening.

He said, “this is necessary to stimulate economic growth already hampered by the recent cash crunch.

“Headline inflation rate may have risen marginally in February when viewed year on year.

“But, it actually dropped by 0.16 per cent month-on-month and so by implication, inflation rate dropped between January and February this year. Against this backdrop, retaining policy rates stand to reason.’’

Akpan Ekpo, a professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, wished the MPC had postponed the meeting because of the prevailing environment.

He said, “ i wish it was possible to postpone the MPC meeting because of the prevailing environment.’’

Ekpo said that raising the rate would not help the current situation because the factors driving inflation was multifaceted, mainly structural.

Tags: MPR
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post

CBN increases Monetary Policy Rate to 18%

Nigeria’s food monthly imports dip

CBN increases Monetary Policy Rate to 18%

Recommended Stories

Strike puts Nigeria in darkness

Electricity consumers urge power minister to overhaul sector

September 3, 2023
TCN upgrades Egbin Transmission Substation

TCN completes 80% projects in Lagos on platform of CBN’s Intervention

December 7, 2023
Central Bank, MTN resolve crisis

MTN lauds NGX for democratising access to securities

February 1, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

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
Call Us