NIGERIA MONETARY POLICY COMMITTEE - MPC continues the hawkish trend with a 50bps hike
MPC continues the hawkish trend with a 50bps hike
The Monetary Policy Committee (MPC) decided to raise the Monetary Policy Rate (MPR) by 50 basis points to 18.00% at its second meeting of the year. Ten of the twelve members present voted for a 50bps increase, one for a 25bps increase, and one for a hold position. Every other variable was held constant.
Global and domestic inflation trends keep the CBN on edge
Globally, new and existing headwinds continue to threaten a full global recovery and dampen growth prospects in 2023. These risks include: (I) fears of a global financial contagion as a result of recent bank failures in the United States and Switzerland amid widespread monetary tightening, (ii) persistently high inflation, (iii) continued supply chain pressures from the Russia-Ukraine war, (iv) renewed health risks as a result of China's relaxation of covid restrictions, and (v) increased oil market volatility as a result of deteriorating relations among major oil producers.
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