Connect with us
WANT LATEST NEWS UPDATES STRAIGHT TO YOUR PHONE? CLICK HERE TO FOLLOW US ON FACEBOOK

Business

Nigeria mulls interest rate hike as CBN MPC meeting holds

Published

on

There is an expected interest rate hike in Nigeria as the Central Bank of Nigeria Monetary Policy Committee meeting holds on 26 February (today) in Abuja.

The two-day meeting scheduled for 26 and 27 February is the first since the appointment of CBN governor, Olayemi Cardoso in September last year.

The last MPC meeting was held in July 2023 under the former acting CBN governor, Mr Folashodun Shonubi, where the country’s interest rate was 18.75 per cent.

Meanwhile, with inflation spiralling to 29.90 per cent in January this year, the MPC is expected to tighten the monetary policy rate to tackle the rise in inflation.

Speaking on the MPC meeting, the Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane, said that the committee may tighten the interest rate by nothing less than 200 basis points.

Pmnews.ng recalls that on Sunday, President Bola Ahmed Tinubu set up an economic advisory committee of Nigeria’s business leaders to seek a way out of the country’s economic challenges.

Trending