Governor of the Central Bank of Nigeria says the Monetary Policy Committee may start cutting interest rates in the first half of the year as inflation eases.
Godwin Emefiele said once inflation gets to low double digits “and high single digit happens, then it should be easy for the MPC to begin to look at easing.
He added that while inflation slowed to a 20-month low of 15.4 per cent in December, it’s still above the CBN’s six per cent to nine per cent target band.
The CBN Boss stressed increases in the price and shipment of oil, Nigeria’s biggest foreign-currency earner, and improved investor confidence means the central bank can build its reserves to $60bn in the next 12 to 18 months, from $40bn currently.
