Nigeria

Central Bank of Nigeria to hold rate-setting meeting on 23 and 24 November

The central bank's policy committee meets after a 350-basis-point rate cut, a decision that affects borrowing costs and investor expectations across the economy.

Photo: thisdaylive.com

What happened

The Central Bank of Nigeria's Monetary Policy Committee meets on 23 and 24 November. policystreetng.com In September the committee reduced the Monetary Policy Rate from 26.5 to 23 per cent. policystreetng.com The committee described the cut as an adjustment to bring the announced rate closer to the rates banks were already paying, rather than a move to make policy less restrictive. policystreetng.com

Around it

Annual headline inflation fell from 15.39 per cent in August to 14.63 per cent in September, while core inflation declined from 13.29 to 12.95 per cent. policystreetng.com External reserves had risen to US$54.08 billion by early September, according to the same analysis. policystreetng.com Rising energy costs, persistent food inflation and uncertainty over the impact of the previous cut complicate the next decision, according to the same analysis. policystreetng.com Access Bank has predicted the committee will retain the MPR and other rates at the November meeting. thisdaylive.com

What comes next

The Monetary Policy Committee is scheduled to meet on 23 and 24 November. policystreetng.com

Sources

  1. policystreetng.comNigeria's Central Bank Meets on 23, 24 November After a 350-Basis-Point Rate Cut (opens in a new tab)
  2. thisdaylive.comCBN Moves to Strengthen Nigeria’s Economic Data Architecture, Digitalises Fiscal Survey Across 36 States (opens in a new tab)

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