Amidst soaring inflation, the Central Bank of Nigeria (CBN) considers raising interest rates by 100 basis points, as projected by analysts. In April 2024, headline inflation rose to 33.69 percent. With the MPC meeting imminent, stakeholders anticipate decisive measures to address inflationary pressures and stabilize the economy.
The Monetary Policy Committee (MPC) is expected to convene to deliberate on measures to address Nigeria's escalating inflation rate, which reached 33.69% in April 2024. Analysts project that the MPC may opt for a 100 basis points increase in the Monetary Policy Rate (MPR) to 25.75% to counter inflationary pressures.
The decision comes amid ongoing economic challenges, including a weakened naira and persistently high inflation, prompting the Central Bank of Nigeria (CBN) to consider tightening monetary policy further.
Stakeholders anticipate the MPC's response to recent economic developments and its potential impact on the nation's financial landscape.
