Nigeria's Central Bank reconvenes MPC to evaluate impact of rate hike on 31.70% inflation.
The Central Bank of Nigeria's Monetary Policy Committee (MPC) reconvenes to evaluate the impact of its previous rate hike, focusing on inflation at a 26-year high of 31.70%. Analysts predict key policy rates, like the Monetary Policy Rate, will be held amidst concerns that further rate increases may not immediately reduce inflation. The CBN aims to prioritize price stability and strengthen the Naira to tackle inflation, despite the possible negative impact on growth due to higher borrowing costs.
March 25, 2024
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