Central Bank of Nigeria begins two-day meeting to review the economy

 

Central Bank of Nigeria (CBN)  begins a two-day meeting to review the economy and decide on exigent monetary policies in view of global and national outlooks.

Investment bankers, financiers, investors, business owners and research and advisory experts agreed yesterday that the decisions of the apex bank’s Monetary Policy Committee (MPC) will have a significant influence on the general economic outlook, including the flows of investments between the fixed and non-fixed security markets.

  But experts differed on the possible headline decision by the apex bank. While the majority feel that the time is ripe for the CBN to abandon its long-running dove stance and hike the Monetary Policy Rate (MPR), many experts said the bank may opt to retain the rate, its classical policy view in the recent period. The MPR has been unchanged at 11.50 per cent since September 2020.

 Financial Derivatives Company (FDC), headed by Bismarck Rewane, a member of President Muhammadu Buhari’s Presidential Economic Advisory Council (PEAC), said there was “no more room for the MPC to wiggle” with the continuing high inflationary trend.

THE NATION