FXTM Research Analyst
Persistent inflationary pressures in
Nigeria have prevented the Central Bank of Nigeria (CBN) from joining the
global monetary easing bandwagon this month.
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The CBN kept its benchmark interest
rates unchanged at 13.5% in July as the central bank focused on price
stability, even as economic growth remained important. Although a rate cut is
in the pipeline, this will be heavily influenced by inflation which has been
above the target range of 6%-9% for more than four years.
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With the pace of economic growth still
fragile and the nation exposed to external risks in the form of Oil volatility,
it becomes a matter of “when” rather than “if” the CBN will cut rates.
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Repeated signs of consumer prices
cooling should provide the central bank with enough ammunition to pull the
trigger on a rate cut in September. Given how lower interest rates will
stimulate consumption, encourage businesses to boost investments and give banks
more incentive to borrow, this could be one of the medicines Nigeria needs to
restore lost strength.
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