FDC Predicts Hike in Interest Rate at Next Week’s MPC Dike Onwuamaeze The Financial Derivatives Company Limited (FDC) has projected that businesses and households would experience limited access to finan
The Financial Derivatives Company Limited has projected that businesses and households would experience limited access to finance as the Central Bank of Nigeria was expected to raise its Monetary Policy Rate by 50 basis point when the central bank’s Monetary Policy Committee meets next week.
“The CBN’s hawkish stance is expected to tighten liquidity in the system and keep the general interest rate elevated. This will lead to a high cost of borrowing and limited access to finance for individuals, corporations and the government. It also raises the risk of default on loans for financial institutions which can push up impairment costs.”
It added that oil price was expected to likely trade below $90 per barrel in the near term due to the surging cases of COVID in China and recession fears that would help to cool off prices. “Generally, the outlook for 2023 shows that the headwinds will linger as upward risks to inflation and downward risks to growth persist. We have less than 25 days to the deadline for disallowing the use of the old currency notes as legal tender. Yet, the new notes are not available for transactions.
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