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Investing.com - Nigeria’s Central Bank (CBN) maintained its policy rate at 27.5% during its latest meeting, acknowledging the ongoing disinflation trend over the past three months.
The CBN cited a stable foreign exchange market and low energy prices as key factors driving the disinflation, with the Consumer Price Index (CPI) registering at 22.2% in June. Despite the improving inflation outlook, the central bank’s messaging remained hawkish and cautious regarding potential policy adjustments.
The voting patterns of the 12 Monetary Policy Committee members were not disclosed in the official press release following the meeting. The decision comes amid continued efforts to balance economic growth with price stability in Africa’s largest economy.
Bank of America analysts maintain their forecast that the CBN will likely begin a cutting cycle in September, contingent on inflation approaching 20%. The financial institution projects a cumulative 200 basis points of interest rate cuts throughout 2025.
The CBN’s decision to hold rates steady follows multiple rate hikes implemented previously to combat inflation, which had reached multi-year highs before the recent moderation in price pressures.
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