The Chartered Institute of Bankers of Nigeria expects the Central Bank of Nigeria to retain its benchmark interest rate at 26.5% at its upcoming Monetary Policy Committee meeting.
CIBN Expects CBN to Hold Interest Rate at 26.5%
CIBN President Dr Dele Alabi told the News Agency of Nigeria on Saturday that current economic data doesn’t support a rate move in either direction, according to Nairametrics. The MPC is set to meet in Abuja on Monday for its 306th meeting, having held the rate steady at its last sitting.
Economist Professor Akpan Ekpo also backed a hold, citing global uncertainties, including US-Iran tensions that could temporarily push up oil prices and inflation. The CBN last cut rates by 50 basis points in February and has maintained a cautious stance since, keeping the Cash Reserve Ratio unchanged at 45% for commercial banks.
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