In anticipation of Nigeria’s potential interest rate hike, the Central Bank of Nigeria Monetary Policy Committee convenes today, 26th February, in Abuja.
Scheduled for 26th and 27th February, this two-day session marks the inaugural meeting under the stewardship of CBN Governor, Olayemi Cardoso, following his appointment in September of the previous year.
The previous MPC gathering convened in July 2023, helmed by former Acting CBN Governor, Mr. Folashodun Shonubi, wherein the nation’s interest rate stood at 18.75 percent.
Against the backdrop of soaring inflation reaching 29.90 percent in January, the MPC is poised to consider tightening the monetary policy rate to counter the inflationary surge.
In discussions pertaining to the MPC meeting, Bismarck Rewane, Chief Executive Officer of the Financial Derivatives Company, speculates that the committee may opt for a rate hike of no less than 200 basis points.
Recalling recent developments, President Bola Ahmed Tinubu established an economic advisory committee comprising Nigeria’s business leaders on Sunday, aimed at navigating the nation’s economic challenges.
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