Post MPC Meeting Report - CBN Sustain Hawkish Trend – Hikes Rate By 100bps
At the 289th Monetary Policy Committee (MPC) meeting held on the 23rd and 24th of January 2023, the Central Bank (CBN), decided to further tighten the Monetary Policy Rate (MPR) by 100bps to 17.50%. This makes it the first (1st) interest rate hike this year. The apex bank has hiked the interest rate by 600bps since May 2022. The committee decided to aggressively hike interest rates as they believe this will be the best move to curb inflation and safeguard sustainable economic growth considering global and domestic headwinds facing the country. The committee unanimously agreed to further tighten MPR, as seven (7) committee members voted to raise the rate by 100bps, four (4) members voted to raise the rate by 50bps, and one (1) member voted to raise the rate by 150bps.In Summary, the committee decided to:
• Raise MPR by 100bps
• Retain asymmetric corridor at +100/-700 basis points around the MPR
• Retain the CRR at 32.50%
• Retain the Liquidity Ratio at 30.00%
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.