Monetary Policy Committee Meeting Update – July 2024 | Tapping the Breaks
Following the 296th CBN Monetary Policy Committee (MPC) meeting held on the 22nd and 23rd of July 2024, the committee decided to extend their restrictive monetary policy measures for the fourth (4th) consecutive meeting this year. These measures reflect the committee’s ongoing efforts to manage inflation and stabilize the economy. Notably, this is the slowest […]
June 2024 CPI Report | Bucking the Trends
Headline Inflation Transcends to 34.19% YoY in June 2024 According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) for June 2024, Nigeria’s headline inflation rate continued its upward trend, rising by 24bps to a staggering 34.19% Year-on-Year (YoY) compared to 33.95% YoY reported in May 2024. This increase […]
Post MPC Meeting Report May 2024- MPC Maintains Tightening
The Central Bank of Nigeria (CBN) maintained its hawkish stance at its 295th Monetary Policy Committee (MPC) meeting on May 20th-21st, 2024. The Monetary Policy Rate (MPR) was tightened further by 150bps to 26.25%. This decision is a strong signal of the apex bank’s commitment to curbing inflation and addressing FX pressures through contractionary monetary […]
Post Monetary Policy Committee Meeting March 2024 – CBN Maintains Hawkish Stance
Post Monetary Policy Committee Meeting March The second (2nd) Monetary Policy Committee (MPC) meeting in 2024 held on the 25th and 26th of March. The committee reviewed recent economic and financial developments as well as assessed risks to the outlook. Following its deliberation, the committee decided to tighten the MPR by 200bps to 24.75% from […]
Post Monetary Policy Committee Meeting February 2024 – MPC Takes a More Aggressive Stance Against Inflation
Post Monetary Policy Committee Meeting February The first (1st) Monetary Policy Committee (MPC) meeting chaired by the new Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, was held on the 26th and 27th of February 2024. At the meeting, monetary policy tools were aggressively tightened to rein in inflation and curb excess money supply. […]
December 2023 CPI Report | Inflation Bites Deeper
Inflation Bites Deeper Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps […]
September 2023 CPI Report | A New High
A New High Yesterday, the Nigerian Bureau of Statistics (NBS) released the inflation report for September 2023. Headline inflation soared by 92bps Year-on-Year (YoY) to 26.72% (vs 25.80% YoY in August 2023). The increase in headline inflation can be attributed to the rise in the food inflation (+130bps YoY to 30.64%) and core inflation (+69bps […]
August 2023 CPI Report | Elevated Price Level – The New Normal?
Elevated Price Level – The New Normal? Earlier today, the National Bureau of Statistics (NBS) released its inflation report for August 2023. Headline inflation continued to surpass its 18-year high as it climbed higher by 172bps Year-on-Year (YoY) to 25.80% from 24.08% in July 2023. Similarly, Food inflation surged by 235bps YoY to 29.34% (vs. […]
July 2023 CPI Report | Removal of PMS Subsidy & FX Liberalization Bites Hard
Earlier this week, the National Bureau of Statistics (NBS) released the inflation report for July 2023. Headline inflation spiked by 1.29% Year-on-Year (YoY) to 24.08% (vs 22.79% in June 2023), marking the highest rate recorded in Nigeria since the reconstitution of the Consumer Price Index (CPI) in 2009. The surge in Headline inflation is on […]
Post MPC Meeting Report – Hawkish MPC Tightens the Asymmetric Corridor
During the 292nd Monetary Policy Committee (MPC) meeting conducted on the 24th and 25th of July 2023, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) maintained its hawkish streak, for the eighth (8th) consecutive time since May 2022. The Monetary Policy Committee (MPC) decided to increase the Monetary Policy Rate (MPR) by 25bps to […]