FINANCE UPDATE FOR THE WEEK

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  • E
    Ebunlomo 3 years ago

     

    §  Interest rate (MPR) stands at 12.5%

    §  Inflation rate stands at 12.82%

    §  Crude oil price (USD) stands at $44.33

    §  CBN exchange rate (USD/NGN) stands at N379

    §  The Central Bank of Nigeria on 1st September, 2020, issued a circular ordering all Deposit Money Banks to review interest rate payable on savings accounts to a minimum of 10% of the Monetary Policy Rate (MPR). As a result, interest rate on saving account is currently 1.25% rather than 3.7%, this will discourage savings and encourage investment. Click here to read letter

     
  • T
    Toyin O. 3 years ago

    COVID-19 is really taking a toll on our economy. Even though CBN is trying to regulate the USD market, I don't think their approach will be effective because the supply from CBN is highly limited and the demand for FX is way higher.

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