Nigeria’s Central Financial institution has postponed a vital assembly to determine rates of interest at the same time as headline inflation worsened within the West African nation in October. Information from the nation’s Bureau of Statistics confirmed that headline inflation hit an 18-year high of 27% in October.
The Financial Coverage Committee (MPC) assembly was scheduled for Monday and Tuesday however has now been moved to an unspecified date. The postponement comes as a shock to many analysts as a result of September’s charges assembly was additionally postponed with none cause. On the time, the CBN promised to speak new dates in “due time.”
This week’s assembly would have been the primary charges assembly below the brand new CBN governor, Olayemi Cardoso, whose appointment was accredited by the Senate in September. Underneath the appearing CBN governor, Folashodun Shonubi, the financial institution raised interest rates twice, however Olayemi Cardoso seems to be to be deferring that call.
A monetary markets analyst who spoke to TechCabal on the situation of anonymity criticised the financial institution’s choice to droop right this moment’s assembly, citing “poor communication” as a persistent problem to the nation’s efforts to draw international buyers.
The CBN didn’t share a date for when the subsequent MPC assembly can be held.