The Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) is in a race to tame inflationary expectations by holding key benchmark interest rates for the second consecutive time this year.
By retaining the benchmark interest rate at 27.5 percent, leaving other parameters unchanged and instituting tough liquidity control measures, the CBN has worked to curb demand and anchor inflation expectations.
With strong alliance with the fiscal authorities, the apex bank under Olayemi Cardoso leadership has demonstrated foresight and deep understanding of Nigeria’s macroeconomic dynamics crucial in sustaining price and exchange rate stability in the interest of families and businesses.