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Nigeria's central bank to meet on 23 and 24 November after September rate cut
The monetary policy committee will review whether the 350-basis-point cut to 23 per cent is still appropriate as inflation eases and energy and food costs rise.
What happened
The Central Bank of Nigeria has scheduled its 308th Monetary Policy Committee meeting for 23 and 24 November in Abuja. Daily Trust The committee reduced the Monetary Policy Rate by 350 basis points, from 26.5 per cent to 23 per cent, at its September meeting. policystreetng.com+1 The committee described the September reduction 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 The first-day session is set for Monday, 23 November at 10am, and proceedings continue on Tuesday, 24 November at 8am. Daily Trust
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 Headline inflation had moderated to 15.39 per cent in August from 15.43 per cent in July, and the economy grew 4.43 per cent in the second quarter. Daily Trust Rising energy costs, persistent food inflation and uncertainty over the impact of the previous cut complicate the next decision, according to analysis of the meeting. policystreetng.com The committee also recalibrated the Standing Facilities Corridor to +50 and -300 basis points around the MPR. Daily Trust
What comes next
The Monetary Policy Committee will meet on 23 and 24 November to assess developments since the September decision. policystreetng.com+1
Sources
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