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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.
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
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