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    MPC expected to hold interest rate in focus to build Nigeria’s economic growth momentum

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Nigeria, Sept. 17

    Policy rate: 11.5%
    Inflation rate: 17.4% (July)
    Inflation target: 6% – 9%
    Nigerian policy makers are expected to leave the benchmark interest rate unchanged for a sixth meeting on Friday as they look to build growth momentum in Africa’s biggest economy.

    Output undershot forecasts in the second quarter, suggesting the economy is struggling to recover from its biggest contraction in almost three decades. While inflation remains at nearly double the top end of the target band, it’s predicted to slow to 17% in August, according to the median of estimate of nine economists in a Bloomberg survey.

    “They will want to see if growth sticks and inflation continues to come down,” said Joachim MacEbong, a senior analyst at SBM Intelligence. If not, they’ll probably look to adjust the key rate at a future meeting, he said.

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