The central bank has left benchmark borrowing cost at 50 per cent for the last six meetings in order to cool 52 per cent inflation to its target of around 38 per cent at the end of this year.
The differential between inflation and the key rate is 490 basis points.“Nigeria’s surprise rate hike on Sept.24 reveals the central bank remains worried about rising risk of inflation, not least from energy prices, and focused on restoring positive real rates.
At the September meeting, Governor Tiff Macklem told reporters that the governing council discussed scenarios wherein the central bank could either slow or accelerate the pace of rate cuts depending on the outlook for inflation and economic growth.
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