• Sunday, June 23, 2024
businessday logo

BusinessDay

Nigeria’s Central Bank delays rates decision for second time

Again, Customs slashes FX duty rate to N1,238/$

Nigeria’s central bank postponed a meeting of its monetary policy committee for a second time since Governor Olayemi Cardoso was nominated to the post in September.

A calendar of MPC meetings published on the central bank’s website had scheduled the next gathering for Monday and Tuesday.

Read also: CBN hails inflation slowdown, reiterates commitment to price stability

The “MPC is not holding” a meeting this week, Isa Abdulmumin, the spokesman for the bank, said by text message on Monday. He didn’t give a date for when the next meeting will be held.

Investors have been looking to the MPC meeting for signals on how the central bank will rein inflation that’s accelerating at the fastest pace in almost two decades. They’re also anticipating an update on the overhaul of the nation’s foreign-exchange controls initiated by President Bola Tinubu in June.

Read also: CBN ways & means under Buhari triggered inflation – Sanusi

A Bloomberg survey of 12 economists had forecast the central bank will raise its benchmark rate by as much as 325 basis points from 18.75%.