Central Bank of Nigeria will raise key interest rate to 15.00% by mid-2015
The Central Bank of Nigeria (CBN) kept its key interest rate at 13.00% on Tuesday, but will likely tighten monetary policy once Saturday's election is out of the way. The weakness of the naira should gradually stoke infl…
The Central Bank of Nigeria (CBN) kept its key interest rate at 13.00% on Tuesday, but will likely tighten monetary policy once Saturday's election is out of the way.
The weakness of the naira should gradually stoke inflation, which rose to 8.4% in Feb. Moreover, Nigeria's dependence on oil should keep the currency under pressure.
Capital Economics notes as follows ....
We forecast that the naira will fall to 210/US$ by the end of the year, from 199/US$ at present.
As a result, we remain of the view that the CBN will raise its key interest rate to 15.00% by mid-2015.
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