The Monetary Policy Committee is due to begin its two-day meeting on the economy on Monday (today) amid the economic crisis fuelled by the naira redesign policy and fuel scarcity.
Analysts in the country have said the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.
MPC mulls hike in interest rate meets Monday
Although the CBN Governor and Chairman of the MPC, Godwin Emefiele, has said it is unhealthy for the economy to have an inflation rate that is significantly higher than the Monetary Policy Rate.
However, analysts said the MPC might not raise the lending rate again, having done so in its previous meetings.
The CBN had disclosed on its website that it will hold its 290th MPC meeting on Monday (today) and Tuesday.
At the last MPC meeting in January, the committee voted to raise the MPR by 100 basis points to 17.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 32.5 per cent; and retain the liquidity ratio at 30 per cent.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, “With what happened from January till now, it is as if everything has been at a standstill, the economy has not been moving at all because there has been no cash among others. I don’t think they are going to make any changes because there is no basis to change anything.
Upshort reports
