The 294th MPC meeting is coming three weeks after the last meeting, because of the need to address critical monetary challenges, especially the rising inflation.
However, a former MPC member who pleaded to remain anonymous advocates “a cautious approach due to the possibility of high interest rates stifling economic growth by discouraging borrowing and investment”. He suggested that “the CBN might explore more targeted measures to address specific sectors like food inflation, rather than relying solely on interest rate adjustments”.Gbolade Idakolo of told The Nation that, “the last MPC increased the rates by 400 basis points to 22.
Given the mixed signals, the MPC’s decision next week is likely to be closely watched. Possible scenarios include: Holding Rates Steady. The MPC might choose to maintain the current interest rate to assess the full impact of the February hike on inflation and the Naira. The MPC’s decision will be officially announced after their meeting next week. Nigerians across the country await their verdict, as it will have a significant impact on borrowing costs, investment decisions, and overall economic activity.
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