Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

Nigeria postpones rate decision again despite soaring inflation

Daba Finance/Nigeria postpones rate decision again
BREAKING NEWSNovember 20, 2023 at 12:16 PM UTC

The critical meeting to determine interest rates in Nigeria, which was originally scheduled for Monday and Tuesday, has been delayed by the Central Bank. This postponement follows a worsening of headline inflation in October, reaching an 18-year high of 27%, according to data from the country's Bureau of Statistics.

The unexpected delay has surprised many analysts, especially since the rates meeting in September was also postponed without explanation. At that time, the Central Bank of Nigeria (CBN) had assured that new dates would be communicated "in due time." 

The current meeting, initially expected to be the first rates meeting under the new CBN governor, Olayemi Cardoso, who was approved by the Senate in September, has now been rescheduled to an unspecified date. While the acting CBN governor, Folashodun Shonubi, had raised interest rates twice, it appears that Olayemi Cardoso is opting to defer such decisions.

Key Takeaways

The bank's choice to unexpectedly postpone today's meeting without providing explanations or indicating a rescheduled date underscores a significant communication lapse. This has proven to be a challenge to the country's endeavors to attract foreign investors. In what promises to be an extended period of interest-rate decisions across Africa, Bloomberg's forecast indicates that the continent's largest economies are likely to maintain higher interest rates for an extended duration. This is particularly true for nations facing pronounced currency depreciation and robust inflation, such as Nigeria and Angola, where rate hikes are anticipated. Egypt may also join this trend, either in its upcoming meeting or early next year. This stands in stark contrast to major advanced economies, where market participants believe the most aggressive tightening cycle in a generation has concluded. Meanwhile, other countries, including South Africa, Morocco, Kenya, and Ghana, are expected to keep rates unchanged to carefully evaluate inflation-related risks.

Interest Rates
Inflation
MPR
Monetary Policy
Central Bank of Nigeria
CBN
Nigeria

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved