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    Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

    Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

    Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

    Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

    In line with Oyetola’s directive, NIMASA pledges CVFF disbursement by August

    Nigeria seeks prompt ratification of agreement to protect oceans, increase funding to developing countries

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    NPA meets with APM Terminals, shipping lines over container movement to seaport

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    Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

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    NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

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    Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

    Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

    Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

    Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

    BPSR applauds NIMASA for championing public service reforms

    BPSR applauds NIMASA for championing public service reforms

    MWUN supports Nigeria’s bid for IMO’s Council position

    MWUN supports Nigeria’s bid for IMO’s Council position

    In line with Oyetola’s directive, NIMASA pledges CVFF disbursement by August

    Nigeria seeks prompt ratification of agreement to protect oceans, increase funding to developing countries

    NPA meets with APM Terminals, shipping lines over container movement to seaport

    NPA meets with APM Terminals, shipping lines over container movement to seaport

    Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

    Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

    NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

    NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

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      NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

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        Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

        Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

        Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

        Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

        In line with Oyetola’s directive, NIMASA pledges CVFF disbursement by August

        Nigeria seeks prompt ratification of agreement to protect oceans, increase funding to developing countries

        NPA meets with APM Terminals, shipping lines over container movement to seaport

        NPA meets with APM Terminals, shipping lines over container movement to seaport

        Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

        Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

        NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

        NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

        Trending Tags

        • Trump Inauguration
        • United Stated
        • White House
        • Market Stories
        • Election Results
      • Economy
        Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

        Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

        Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

        Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

        BPSR applauds NIMASA for championing public service reforms

        BPSR applauds NIMASA for championing public service reforms

        MWUN supports Nigeria’s bid for IMO’s Council position

        MWUN supports Nigeria’s bid for IMO’s Council position

        In line with Oyetola’s directive, NIMASA pledges CVFF disbursement by August

        Nigeria seeks prompt ratification of agreement to protect oceans, increase funding to developing countries

        NPA meets with APM Terminals, shipping lines over container movement to seaport

        NPA meets with APM Terminals, shipping lines over container movement to seaport

        Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

        Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

        NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

        NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

        NDLEA takes campaign to Ministry of Public Service and Security

        NDLEA takes campaign to Ministry of Public Service and Security

        Trending Tags

        • Waterside Centre
          • All
          • At The Marina Today
          • Maritime Community Hub
          • Sustainable Development
          • WASH
          BPSR applauds NIMASA for championing public service reforms

          BPSR applauds NIMASA for championing public service reforms

          MWUN supports Nigeria’s bid for IMO’s Council position

          MWUN supports Nigeria’s bid for IMO’s Council position

          In line with Oyetola’s directive, NIMASA pledges CVFF disbursement by August

          Nigeria seeks prompt ratification of agreement to protect oceans, increase funding to developing countries

          NPA meets with APM Terminals, shipping lines over container movement to seaport

          NPA meets with APM Terminals, shipping lines over container movement to seaport

          Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

          Oyetola joins Macron, Prince William, other world leaders at Blue Economy Forum in Monaco

          NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

          NDLEA destroys 2 cannabis farms in Edo State, arrests 39, seizes tonnes of drugs

          Isoko-speaking riverine communities demand new local government area out of Ndokwa East in Delta State

          Isoko-speaking riverine communities demand new local government area out of Ndokwa East in Delta State

          World Environment Day 2025: #BeatPlasticPollution

          World Environment Day 2025: #BeatPlasticPollution

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        • Podcasts
          • All
          • Life at Sea
          • Seafarers
          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

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          Listen: AMES Summit offers pooled professionalism to grow Nigeria’s marine and blue economy

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          Maritime History #5:  Abuja MoU’s strategic approach to improving port state control in West and Central Africa

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          Maritime History #3: MWUN promoting the decent work agenda in maritime labour

          Maritime History #2 : How Shipping Eras Shaped Global Shipping – Carrodano

          Maritime History #2 : How Shipping Eras Shaped Global Shipping – Carrodano

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          Maritime History #1: Voyages, Storms, and Survivals: Captain Emmanuel Iheanacho’s Historic Experiences

          “I am fulfilled and leaving the Nigerian navy in capable hands”- Vice Adm. Gambo

          “I am fulfilled and leaving the Nigerian navy in capable hands”- Vice Adm. Gambo

        • Culture
          • All
          • Arts & Life
          • Books
          • Photos
          • Travel
          • Woman Daily
          Isoko-speaking riverine communities demand new local government area out of Ndokwa East in Delta State

          Isoko-speaking riverine communities demand new local government area out of Ndokwa East in Delta State

          World Environment Day 2025: #BeatPlasticPollution

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          SIFAX Group honoured with Distinguished Gender Inclusion Award

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          Lagos State Health District IV: Apapa LGA holds medical outreach at Ijora Oloye

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          Eastern Fleet hosts public ship tour celebrating Nigerian Navy @ 69

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          Eastern Naval Command conducts free medical outreach to mark 2025 Navy Week celebration

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          Photo News: Eastern Naval Command holds Church service marking Navy’s 69th Anniversary

        • Columns
          • All
          • CEOs Talk
          • Interviews
          • Maritime History
          • Opinions
          • Reality Check
          • Trade Matters
          CEOs Talk Business: Why we are building a new Container terminal – Capt. Iheanacho

          Opinion: Economic optimization in the petroleum industry

          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

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          Marine &Blue Economy: Nigeria needs urgent ‘catch-up’ with port types, shipping business financing model – Capt. Emmanuel Iheanacho

          Maritime History #5:  Abuja MoU’s strategic approach to improving port state control in West and Central Africa

          Maritime History #5:  Abuja MoU’s strategic approach to improving port state control in West and Central Africa

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          Maritime History #3: MWUN promoting the decent work agenda in maritime labour

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          Maritime History #2 : How Shipping Eras Shaped Global Shipping – Carrodano

          Maritime History #1: Voyages, Storms, and Survivals: Captain Emmanuel Iheanacho’s Historic Experiences

          Maritime History #1: Voyages, Storms, and Survivals: Captain Emmanuel Iheanacho’s Historic Experiences

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          Ship-owner Capt. Iheanacho extols seafarers for sacrifices to sustain global trade despite Covid19 pandemic

          Watch:  Restraints from lack of Nigerian maritime technical development initiative

          Watch: Restraints from lack of Nigerian maritime technical development initiative

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          NIMASA’s crusade to end War Risk Insurance premiums to save Nigeria over $400bn annually

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          Essien thanks Jamoh as he bows out of NIMASA

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          Photos: MD NPA meets, commends IMO consultants in Lagos

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          MD LAWMA  commends Surulere LG for environmental cleanliness

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          CBN cuts interest rate to 13.5%

          onepageafrica by onepageafrica
          June 4, 2020
          in Uncategorized
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          The CBN Governor, Godwin Emefiele

          For the first time in more than two years, the
          Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday
          adjusted interest rate downwards to 13.5 per cent.

          Central Bank Governor, Godwin Emefiele, told reporters after the second MPC meeting that
          “the MPC voted to adjust the Monetary Policy Rate (MPR) by 50 basis points from
          14 to 13.5 per cent; retain the asymmetric corridor of +200/-500 around the
          MPR; retain CRR at 22.5 per cent and retain the liquidity ratio at 30 per
          cent.”
          Emefiele said in arriving at the decision to adjust
          MPR (interest rate) downwards, “the committee was convinced that doing this
          will further uphold the banks’ commitment to promoting strong growth by way of
          encouraging credit flow to the productive sectors of the economy.
          “The MPC also felt that through loosening by a
          marginal rate, will serve to manage the sentiments in the capital flow market
          owing to the wider spread in yields in the emerging markets and the developing
          economies relative to the advanced economies. Moreover, the real interest rates
          will still remain positive.”
          Asked if there was a relationship between slashing
          interest rates and the loosening stance of the MPC as signalled yesterday, and
          funding Small and Medium Enterprises (SMEs), Emefiele explained: “To a
          reasonable extent, there is a relationship between lending to not just SME but
          to the agriculture, manufacture and the real sectors of the economy and our
          decision today.
          “The reason being that if you consider the fact
          that, for instance, January 2017, inflation had risen 18.72 percent and by
          December 2017, as a result of the pressure on the foreign exchange market,
          reserves have dropped to about $23 billion and by that same month, even what
          was accruing into Central Bank had dropped to about $500 million from as high
          as over $3 billion sometime in August 2013/2014.
          “Exchange rate as a result of the pressure had
          accelerated to as high as N525 to a dollar. But if you compare those numbers
          with where we are today, the inflation at 11.3 per cent, foreign reserves at
          close to $45 billion, and we feel this trend will continue. Exchange rate
          converging in all the markets at between N358 to N360, GDP being in positive
          trajectory consecutively for five to six quarters, then you will agree with me
          that there is relative stability and we have proved that there is
          sustainability in the level of macroeconomic indices in Nigeria.”
          Defending the decision further, Emefiele noted that
          “having being on this part, particularly the MPR  at about 14 per
          cent since July 2016,  and with the relative stability we have seen
          in the macroeconomic variables over the last two to two and a half years, we
          just think that this should be the next phase where we begin to think about
          consolidating growth. This should be the next phase where you should be talking
          about how do we create more jobs and reduce the level of unemployment in our
          country for people.
          “We
          believe this should be the next phase where we should be talking about how do
          we diversify the base of the Nigerian economy? And that in doing that, we will
          continue to keep our eyes on the stability that we have achieved so far in the
          macroeconomic environment. We will continue to do what we have been doing that
          is keeping inflation low, we will continue to do what we are doing that is
          keeping the exchange rate stable, we will continue to do what we are doing to
          ensure the reserves remain on positive trajectory at comfortable levels to be
          able to sustain the level of growth in our economy.”
          The CBN boss, however, sounded a note of caution,
          saying “there is a need for us to say, listen, we need to consolidate on what
          we have achieved so far and that is to begin to look at the level of growth
          again.
          “Looking at growth again also means that while
          keeping our eyes on those other parameters, let’s see whether we can signal a
          direction from the monetary policy to the direction of supporting and really
          accelerating growth in the country.”
          Accelerating growth, he explained, “means that we
          need to push harder to consolidate GDP, we need to push harder to make sure we
          create jobs and we need to push harder to diversify.
          “So, doing this will naturally mean that we are
          softening gradually, but I repeat and it shouldn’t be mistaken that we will
          continue to do what we are doing, what we have done in the past, keeping
          inflation at a moderated level, we will continue to do so. I think we are
          moving in the right direction.”
          Asked if this new level of ease on the interest rate
          will put pressure on the naira, Emefiele said: “The answer is a capital no, I
          don’t see that happening. Like I just told you that we have seen stability in
          the market over the last two to two and a half years and there is no need for
          anybody to worry. We will withstand any pressure.”
          When questioned if Nigeria is prepared for any
          economic pressure, the governor answered: “We have gone through it in 2015,
          2016 and 2017. With the support of everybody, our management and MPC members
          were able to overcome such challenges and I do not think that there is any
          challenge that the management of the Central Bank cannot surmount. We would
          surmount them.”
          On the growth projection of 2.7 per cent by the CBN,
          Emefiele said: “We have actually been in positive growth trajectory in the last
          five to six quarters with an average GDP growth of about 1.9 per cent. I think
          that if you look at the trend from 2017 into 2018, we will naturally say that
          if we push hard, even harder than we have done in the past, that we should be
          able to attain the 2.7 per cent and three per cent growth.
          “What we are just trying to say here is that with
          the data available, and with consistency and with the push, that we are
          positive we will be trending towards 2.7 per cent  to three per cent
          in growth rate which is actually not fantastic if you consider where Nigeria’s
          growth trajectory has always been around five per cent.
          The MPC decided by a vote of six out of 11 members
          to reduce the MPR by 50 basis points, that is 0.5 per cent. Two members voted
          to reduce MPR by 0.25 per cent –  that is 25 basis points. A member
          voted to reduce it by 100 basis points, which is one per cent.
          Two members, however, voted to hold MPR at its
          current level. Ten members voted to hold all other parametres constant while a
          member voted to reduce the Cash Reserve Ratio (CRR) by 100 basis points from
          22.5 per cent to 21.5 per cent.
          The CBN governor also reacted to concerns raised
          over the impact of the discounted CRR, stressing. “We received a couple of
          demands but not many of those demands met our expectations. Don’t forget that
          this is money – liquidity that should be sterilised in central bank as cash
          reserve requirement, making them available to the banks and doing that we must
          make sure that they go into the employment and growth stimulating sectors of
          the economy: like agriculture and manufacturing. We will make sure that this
          liquidity given to the banks must be for projects and expansion plan.”
          The decision to slash interest rate, he explained,
          followed the action of “banks themselves which have started dropping the
          interest rate very marginally. But we are trying to let them know that in fact,
          in this case, I will say that we are following them. That is why we say that we
          are signaling. We are signaling in the sense that with time this will permeate
          the entire banking sector and people will begin to see the expected impact.”
          When asked if it will be the beginning of MPC rate
          cutting circle, Emefiele said: “I’ve not said so. I repeat, don’t quote me
          wrong, I only said it is a signal, but we will continue to do what we are doing
          that is keeping our friends happy, keeping everybody happy. But we are going to
          see if it will take us to the real growth trajectory that we so desire for
          Nigeria.”
          The MPC also noted the need to rebase the economy
          (GDP), which was last done in 2010.
          Reacting to this development, Prof Uche Uwaleke of
          the Nasarawa State University said: “The reduction in MPR by 50 basis points
          signals the CBN’s desire to relax monetary policy to support economic growth.
          Obviously, it is a right response to the declining inflationary pressure and
          the relative stability in exchange rate which have prevailed for quite some
          time.
          “Moreover, on the external front, crude oil price
          has stabilised around $65 per barrel while the US interest rate normalisation
          has slowed down. All these must have combined to influence the MPC decision
          which is expected to increase the flow of credit to the real sector.
          “The reduced MPR will also be positive for the
          capital market as some of the increased liquidity that will ensue will flow
          into the equities market. Also, it will be cheaper for the government to issue
          bonds, given that part of this year’s budget deficit will be financed through
          domestic borrowing.”
          The Nation.

          Tags: Central Bank of NigeriaeconomyInterest Ratemonetary policyNewsspotlight
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          NPA meets with APM Terminals, shipping lines over container movement to seaport

          NPA meets with APM Terminals, shipping lines over container movement to seaport

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          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

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          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

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          Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

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          BPSR applauds NIMASA for championing public service reforms

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          Recent News

          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

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          Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

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          BPSR applauds NIMASA for championing public service reforms

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          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

          Northern Youth Association presents The Ahmadu Bello Platinum Leadership Award to NDLEA Edo State Command

          June 13, 2025
          Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

          Apapa Customs Command collaborate with stakeholders to strengthen rail cargo movement

          June 12, 2025
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