CBN tweaks 32-month-old policy rate, opts for growth

The Central Bank of Nigeria (CBN) yesterday took local and international investors by surprise, cutting the 32-month-old Monetary Policy Rate (MPR) by 0.5 per cent to 13.5 per cent. The new economic direction for the next two months has already been seen as growth and investment inducer, notwithstanding the size. It is capable of creating loan renegotiations if sustained and is a test of rate cut environment. Monetary Policy Committee (MPC) members had held on to the rates for nearly…

Repackaging microfinance banking for impact

WITH the planned establishment of a National Microfinance Bank, NMFB, by the Central Bank of Nigeria, CBN, in collaboration with Bankers’ Committee and Nigerian Postal Services, NIPOST, CBN seem poised to repackage microfinance banking for the desired impact on the economy. According to CBN, the reason for the planned NMFB is because “the task and responsibility to improve our rural communities lies in our hands and we believe strongly that using the infrastructure of the NMFB we would get to…