meets for the first time this year, key monetary policy issues are expected to dominate discussions amid uncertainty over the fate of the embattled governor of the apex bank, Godwin Emefiele.
Last Monday, there was confusion at the bank’s headquarters in Abuja as Mr Emefiele resumed duty weeks after he left the country. While reports claimed that SSS operatives invaded the headquarters of the CBN and took over the office of the embattled governor of the apex bank, the secret police debunked the claims.
In December, the nation’s statistics bureau said Nigeria’s s inflation figure dipped to 21.34 per cent from 21.47 per cent in November after 10 straight monthly increases. In a note sent to clients at the weekend, analysts at Cordros Securities noted that they expect the MPC to assess the domestic and global economic environment in the context of developing key economic and financial indicators since its last policy meeting in November.
“Thus, we expect the MPC to opt for smaller rate hikes in the short term, given the build-up of pressures in the local economy and as the risks of overtightening come to the forefront of policy discussions. Consequently, we expect the Committee to increase the MPR further by 50bps – 100bps and retain other policy parameters.”As concerns over the newly redesigned naira notes continue to dominate public conversations, the MPC is equally expected to make certain interventions on the issue.
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