CBN to cut interest by 25 basis points – Economists Rewane

Popular economist and chief executive of Financial Derivatives Company, Bismark Rewane, has said that the Central Bank of Nigeria Monetary Policy Committee may cut the interest rate by 25 basis points in its next meeting.

Rewane disclosed this in a Channels Television Business Morning interview on Thursday.

He explained his stance on global inflation increasing global inflation and decreasing Nigerian inflation.

“I think there will be a cut of 25 basis points. Why do I say that? It is because global inflation has increased and Nigeria’s inflation is declining. Depending on what methodology is used. Even if the old methodology is used,” he stated.

According to him, the Nigerian currency, the naira, is in good shape at N1,530 per dollar as of Thursday.

His comments come as Nigerian inflation dropped to 22.22 percent, according to the National Bureau of Statistics data released on Wednesday.

Recall that CBN fixed the 21st and 22nd for its MPC meeting to decide on Nigeria’s interest rate, which stood at 27.50 percent as today(Thursday).