Modupe Gbadeyanka
By Modupe Gbadeyanka
The last Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) for 2019 has kicked off today in Abuja.
The two-day gathering, according to a statement from the apex bank, is taking place at the MPC Meeting Room, 11th Floor, Wing C, of the CBN Corporate Headquarters, Abuja.
On Tuesday, Governor of the central bank, Mr Godwin Emefiele, will have an interaction with members of the media to update them on outcome of the crucial meeting held every quarter.
Going into the MPC meeting today, members of the council will look into two economic data released recently by the National Bureau of Statistics (NBS); the inflation figures for October and Gross Domestic Product (GDP) for the third quarter.
Last Monday, the stats office said the inflation rate for last month significantly increased to 11.61 percent from 11.24 percent recorded in September, while the GDP grew by 2.28 percent in the third quarter of this year.
With the figures of last week, analysts strongly believe the benchmark interest rates, which currently stand at 13.50 percent, would be retained at their present levels.
In a recent chat with Bloomberg, Mr Emefiele had hinted that rates won’t be tampered with until next year because some parameters would be monitored and studied before any action can be taken.
