P
ProfRem
Guest
The Central Bank of Nigeria’s Monetary Policy Committee is meeting (Monday) and Tuesday to review developments in the economy and probably set a new direction for growth for its first monetary meeting in 2017.
The 11 members of the MPC meet once in two months to evaluate the economy and make adjustments in key variables to set direction for economic growth.
Experts, however, forecast that the committee would leave key economic variables, including the Monetary Policy Rate (benchmark interest rate) and the Cash Reserve Ratio unchanged in view of the critical state of the economy.
Nigeria is currently biting recession, which has seen inflation rate as high as 18.55 per cent, massive job losses, low consumer confidence, high volatility in exchange rate and other acute economic challenges.
The 11 members of the MPC meet once in two months to evaluate the economy and make adjustments in key variables to set direction for economic growth.
Experts, however, forecast that the committee would leave key economic variables, including the Monetary Policy Rate (benchmark interest rate) and the Cash Reserve Ratio unchanged in view of the critical state of the economy.
Nigeria is currently biting recession, which has seen inflation rate as high as 18.55 per cent, massive job losses, low consumer confidence, high volatility in exchange rate and other acute economic challenges.