The renewed inflationary pressure in the country is expected to be among the key focus at the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting which commences in Abuja today.
The outcome of the two-day meeting would be announced tomorrow.
Evidence suggests that higher inflation momentum in the months ahead may continue to build up as rise in banditry threatens food security in Nigeria.
The development may compel the MPC which at its last meeting had signalled the loosening of monetary policy, to reverse its stance.
At its last meeting in March 2019, the MPC, in contrast to the expectation of most analysts, had decided to cut the benchmark Monetary Policy Rate (MPR) by 50 basis points (bps).
The MPC members had reached the decision after considering both the global and domestic economic environment.
Precisely, the committee had cut the MPR to 13.50 per cent; retained the asymmetric corridor of +200/-500…