Nigeria's Central Bank Set to Cut Interest Rates Amid Slowing Inflation
AI Summary1 min read
TL;DR
Nigeria's central bank may cut interest rates as inflation slows to 16%, near the government's target. Economists predict reductions of 0.5% or 1% to aid businesses and support the president politically.
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Nigeriainterest ratesinflationCentral Bankeconomy
The Central Bank of Nigeria is likely to extend its easing cycle after October's inflation rate of 16%, which is just one percentage point above President Bola Tinubu's year-end goal. Seven economists predict a rate cut at the final MPC meeting of the year, with four expecting a 0.5% reduction and three anticipating a 1% cut. The move would provide relief to businesses and offer a political boost for Tinubu amid criticism over school abductions.
