NGE - Nigeria's central bank leaves policy rate unchanged while inflation runs above target

In an effort to boost economic growth, the Central Bank of Nigeria on Monday has decided to keep its benchmark interest rate the same for the ninth consecutive time. While inflation is sticking above the central bank's 9% target, six members of the monetary policy committee who attended Monday's meeting voted to retain the policy rate at 11.5%, according to a release. This compares with headline inflation running at 15.7% Y/Y in February. Three members of the committee supported a 25 basis point increase, while one voted for a half percentage point hike. But “tightening could adversely impact the fragile recovery of output growth and may stiffen the expected investment expansion,” Bloomberg reported, citing Governor Godwin Emefiele in a virtual briefing room. Nigeria-related vehicles include the Global x MSCI Nigreia ETF (NGE) and S&P Nigeria Select Index (SPNISUP). Previously, (Oct. 25, 2021) Nigeria a central bank digital currency.

For further details see:

Nigeria's central bank leaves policy rate unchanged, while inflation runs above target