Nigeria Considers Raising Interest Rates

AstheCentralBankofNigeriaMonetaryPolicyCommitteemeetstoday,February26,inAbuja,aninterestrateincreaseisanticipated. Thetwo-daygatheringonFebruary26and27isthefirstsinceOlayemiCardoso,thegovernoroftheCBN,wasappointedinSeptemberoflastyear.

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AtthetimeofthemostrecentMPCmeetinginJuly2023,thenation’sinterestratewas18.55%,andMr.FolashodunShonubiwastheactinggovernoroftheCBN.

However,inordertocombatthesurgeininflation,theMPCisanticipatedtotightenthemonetarypolicyrate,whichshotupto29.90percentinJanuaryofthisyear.

TheFinancialDerivativesCompany’sCEO,BismarckRewane,statedduringtheMPCmeetingthatthecommitteemightraiseinterestratesbyasmuchas200basispoints.