FINANCE UPDATE FOR THE WEEK

Crude oil price (USD):                    $42.92

 

CBN exchange rate (USD/NGN):  N379

 

Inflation rate:                                  13.22%

 

Interest rate (MPR):                        11.5%

 

On 21^st and 22^nd of September, the Monetary Policy Committee (MPC) of the CBN held a meeting to discuss issues around COVID 19 and the decline in crude oil. In summary, the committee voted to:

 

Reduce Monetary Policy Rate (MPR) from 12.5% to 11.5% 

 

Retain Cash Reserve Ratio (CRR) at 27.5%

 

Retain Liquidity ratio at 30%

 

To read more about the Monetary Policy Committee meeting Click here

 

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