The CFG Advisory advised that the Central Bank of Nigeria (CBN) targets a reduction in the interest rate and commences its inflation targeting program immediately to fuel growth.
Nigeria’s benchmark interest rate of 27.25 per cent remains one of the highest among its African peers. While most of its Sub-Saharan peers are lowering their rates, the CBN has held rates at all its meetings this year.
This is because inflation remains stubbornly high at 22.2 per cent in June, despite being on a downtrend since March.
