In the face of economic and financial challenges, members of the rate-fixing arm of the Central Bank of Nigeria and the Monetary Policy Committee will face tough choices in the next two days as the sustained inflationary pressure remains a major challenge for the apex bank.
It will be the second interest rate hike in two months if the most likely choice scales the voting hurdle as the Committee begins its 286th meeting.
The rising inflation poses a significant challenge to the CBN, in particular, which had hoped to contain the index within the 6% to 9% band.
As the MPC meets, analysts said inflation was likely to top its agenda following the current commodities supply gaps in the global economy, occasioned primarily by the war between Russia and Ukraine, which had sent energy prices to the ceiling.