MPC: Experts predict CBN’s monetary policy decision

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The CBN at its last meeting raised the MPR significantly by 400 basis points to 22.75 per cent from 18.75 per cent amid soaring inflation. CBN Governor Olayemi Cardoso, who doubles as the chairperson of the committee, voted to raise the rate by 425 basis points and another member of the MPC, Aloysius Ordu, voted higher raise at 450 basis points.

Also, Ayodeji Ebo, Managing Director of Afrinvest Securities Limited, said the CBN might raise rates by 100-200 basis points due to persistently high inflation. He said once stability is achieved, the committee could consider rate cuts. “The last figure released by the Bureau of Statistics revealed unemployment increased significantly more than 20 per cent of the previous rate i.e if the previous was above 4 per cent, this is not above five per cent of people who can not get a job for an hour a week.

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