On Thursday, Nigeria’s central bank decided to maintain its benchmark interest rate following a series of six increases in the previous year. The bank expressed confidence in the stabilizing foreign exchange market and observed a gradual decline in inflation.
A Reuters poll revealed that economists were divided on the Central Bank of Nigeria’s potential course of action. This uncertainty stemmed partly from the statistics agency’s rebasing exercise, which led to a significantly lower inflation reading of 24.48% year-on-year in January.
Governor Cardoso said the central bank would examine additional rebased inflation data to solidify its perspective on the inflation trajectory. He identified food prices as a possible inflationary concern.
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Cardoso said, “We’re witnessing a gradual restoration of confidence in our markets, indicating that we’re on the right track. As this progresses, we find ourselves better positioned to start moderating rates, given the critical importance of stability.”
Last year, inflation reached consecutive 28-year highs, triggered by President Bola Tinubu’s decisions to eliminate subsidies and devalue the naira after assuming office in 2023.
Tinubu’s reforms sought to stimulate economic growth and bolster public finances, although the growth rate has persistently fallen short of the 6% goal.
In addition to rebasing its consumer price index, the statistics agency is anticipated to unveil rebased gross domestic product figures in the near future.
When Nigeria last rebased its GDP data in 2014, it propelled the economy to the top spot in Africa, surpassing South Africa. However, due to the naira’s decline during Tinubu’s tenure, Nigeria has recently relinquished this position to South Africa once more.
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