The central bank’s February minutes revealed that members of the Monetary Policy Committee at the time held differing views on the drivers of inflation and naira weakness, which influenced their votes.<\/p>\n

Though the MPC hiked rates by 400 basis points to 22.75% in February, there were arguments for hikes as small as 100 basis points and as large as 450 from committee members. Governor Cardoso had advocated for a 425 basis point move, Omojomolo noted ahead of Tuesday’s decision.<\/p>\n

“Doves warned about the risk of hiking rates too aggressively and the structural nature of inflation, while hawks emphasised the need to restore the CBN’s credibility and move real interest rates into positive territory to further support the naira via extra foreign investment,” he added.<\/p>\n<\/div>\n<\/div>\n

Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"

A pedestrian in the Lagos Island district of Lagos, Nigeria, on Monday, Nov. 14, 2022. Bloomberg | Bloomberg | Getty Images The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa’s largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced…<\/p>\n","protected":false},"author":1,"featured_media":71144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-71143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n