The level of inflation in the country for the month of March 2024 and experts interviewed by Nairametrics have predicted higher rates compared to the previous month.
The Chairman of the Bank Directors Association of Nigeria, Mustafa Chike-Obi, has stated that the Central Bank of Nigeria (CBN)’s decision to hike interest rates in the past two Monetary Policy Committee (MPC) meetings will severely harm the real economy, leading to limited economic growth and increased unemployment levels.
According to forecasts by the World Bank, the median inflation rate in Sub-Saharan Africa is expected to decline to 5.1% in 2024, marking a notable decrease from the 7.1% recorded in the previous year.
KPMG has said that the effectiveness of the Central Bank of Nigeria's (CBN) monetary tightening strategies may fall short unless Nigeria addresses the underlying supply-side constraints fuelling cost-push inflation.
The CBN’s Monetary Policy Committee (MPC) has increased the benchmark interest rate by 200 basis points from 22.75% to 24.75%.
The Central Bank of Nigeria (CBN) increased the monetary policy rate (MPR) by 400 basis points, elevating it to a historic high of 22.75% to combat inflation and foster economic stability.
A member of Nigeria's Monetary Policy Committee (MPC), Murtala Sabo Sagagi, has addressed the limitations of monetary policy in addressing the nation's escalating inflation amidst structural challenges.
Experts doubt the efficacy of the current economic advisory council in tackling the inflation crisis
The Economist Intelligence Unit (EIU) has projected that Nigeria's Monetary Policy Rate (MPR) is expected to reach a peak of 23.75% this year.
Some financial experts have expressed concerns regarding the hawkish monetary policy stance adopted by the Central Bank of Nigeria (CBN), which recently led to another increase in the interest rate by 22.75%.
The successive increases in interest rates by the Central Bank of Nigeria (CBN) have significantly reshaped and will continue to reshape Nigeria's investment landscape and the stock market.
Nigeria's stock market, the Nigerian Exchange Group (NGX), experienced a significant sell-off on Wednesday, with investors witnessing a 1.27% decline in the benchmark All-Share Index.
