Economics

Nigerian Central Bank ‘in the Mood for Tightening,’ Nnanna Says

MPC wants to ensure interest rate stays above inflation
Deputy governor sees scope to raise rates before February vote

The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. A drop in crude prices in the past year has put pressure on public finances, while the naira has declined 7 percent against the dollar this year.Photographer: George Osodi

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By Ahmed Feteha

August 7, 2018 at 9:44 AM UTC

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The Nigerian central bank is “in the mood” for tightening and will increase its main interest rate if inflation doesn’t slow, Deputy Governor Joseph Nnanna said.

“Every member of the Monetary Policy Committee is certain that the monetary policy rate should increase if inflationary pressures build up,” Nnanna said Monday, speaking on the sidelines of a conference in the resort city of Sharm El-Sheikh in Egypt. “Our intention is to ensure that the interest rate is kept positive in real terms.”