Saturday, 29 September 2018

COMMENT ON CBN MPC MEETING

The Central Bank of Nigeria’s (CBN) decision to leave key rates unchanged at 14% confirms how external and domestic factors have placed the central bank in a difficult position. http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html

Higher US interests have accelerated capital outflows and led to a drop in external reserves while global trade tensions continue to weigh on sentiment. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

Rising consumer prices amid pre-election spending remain another headache for the CBN, while political uncertainties add to the equation of components complicating any efforts to cut interest rates. http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html With crude oil price volatility from US-China trade tensions presenting a significant threat to Nigeria’s economic recovery, the CBN could maintain the status quo for the rest of 2018.

While a rate cut was initially seen as a strategy to support economic growth in Nigeria, such a move may end up widening the divergence in monetary policy between the Fed and CBN – ultimately accelerating capital outflows.

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