The Monetary Policy Committee (MPC) of the Central Bank of Nigeria will hold its meeting on Monday and Tuesday, September 23rd and 24th, 2024, amidst high expectations which may halt the rising interest rates in the nation. This comes as the Debt Management Office (DMO) will be auctioning N150 billion worth of Federal Government of Nigeria (FGN) bonds.
Economists say MPC could lower its rates so as to stimulate economic activities, even though an increment in pump prices poses fresh complications for members of the committee.
According to a Desk Report, Nigeria’s Food Inflation declined from 39.53% recorded in July to 37.52%, the second consecutive monthly decrease. In December 2022, Nigeria’s total debt stack reached N97.34 trillion. However, it has shot up to N121.67 trillion in Q1 2023.
On Monday, the National Bureau of Statistics (NBS) will publish specific food prices for August and average fares paid for bus rides by commuters, okada drops, and air travels. Subsequently, on Tuesday, we are expecting NBS to come out with the Third Quarter (Q3) foreign merchandise trade statistics for Nigeria.
N6.95 trillion was what had been earned as a trade surplus after merchandise trade worth N31.8 trillion in Q2. Given the 32.15% inflation rate, market players, businesses and consumers are seeking updates amidst high inflation rates within and outside its territories
