Over the past one year, the Monetary Policy Committee has consistently raised benchmark interest rate in a measure to curb rising inflation which has continued to rise. Although, the last meeting of the MPC had been postponed till further notice due to the change of baton at the Central Bank of Nigeria, analysts believe the committee’s decision at its next meeting would be to further raise monetary policy rates as inflation is yet to abate.
Whilst the MPC of the Central Bank of Nigeria could not hold its last meeting scheduled for September 25 and 25, 2023, its stance has in recent times been to continue to tighten. At the inception of his tenure, President Bola Ahmed Tinubu had stressed that he would work on reducing interest rates in the country, a position some analysts say the newly appointed governor and deputies of the CBN as may consider at the next meeting which is expected to hold next month.
The report stated that “for Sub–Saharan Africa, the inflationary shock following Russia’s war in Ukraine has meant a growing number of people in situation of acute food insecurity, slowing international demand, higher borrowing costs, and ongoing exchange rate pressures—yet another shock for a continent still emerging from the COVID-19 pandemic.
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