The Nigeria's central bank’s Monetary Policy Committee (MPC) met on September 23 and 24, held its interest rate unchanged at 12 percent for a twelfth time in a row.
The Committee noted that the actions taken at the last MPC have served the purpose of helping the naira avoid the fate of other developing-country currencies by keeping it relatively stable. It also noted the continued moderation in inflation and the benign outlook for the next six months, and considering the improved outlook for financial stability in Europe after the German elections, the risks of currency instability are significantly reduced. The monetary stance maintained by the US Federal Reserve is positive for international oil prices and portfolio flows.