Ahead of the two-day Monetary Policy Committee meeting of the Central Bank of Nigeria commencing on Monday (today), financial experts have expressed diverse views on possible outcomes of the rates.
Experts and researchers at Cordros Securities expect a rate hike after the meeting, saying we ‘MPC to favour smaller rate hikes in the short-term.’
In a report, they stated, “Elsewhere, the prospect of global central banks embarking on smaller interest rate hikes could also influence the MPC’s decision to toe the same line amid concerns about the domestic economy. Thus, we expect the MPC to opt for smaller rate hikes in the short-term, given the build-up of pressures in the local economy and as the risks of over-tightening come to the forefront of policy discussions.
According to the report, the committee remains faced with either maintaining its hiking cycle or keeping policy parameters unchanged. It added, “Therefore, we expect the committee to assess the domestic and global economic environment in the context of developing key economic and financial indicators since its last policy meeting in November. In our view, the MPC is likely to be concerned about the pressure on the domestic economy, given the slow growth recorded in Q3, 22022, more so that the manufacturing sector posted its first contraction since Q4, 2020.
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