Economic Brief: MPC expected to hold status quo in last meeting of the year

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will hold her 6th and final meeting of the year, starting from Monday 20th to Tuesday, 21st November 2017… 
 
The meeting is coming at a time when global rating agencies and indexes providers have advanced a lower rating on Nigeria Sovereign and Corporate Issuers as results of slower than anticipated progress in addressing key structural weakness…
Regardless of the above, we foresee the committee maintaining status quo on all position as depicted below with a focus on the fiscal authority pulling the string on the economy as 2018 beckons…
Global economic position since the last review:

The global economy extended healthy performance into Q3 2017, with growth stabilizing at levels last seen more than two seasons ago. A comprehensive estimate indicates that growth has expanded to 3.2% (year-on-year) in Q3…

Nigerian economy position since the last review…
After Nigeria economy recovered from the protracted recession in Q2 2017, there has been a deluge of positive economic activities indicating signs of a positive and stronger Q3 growth data.
The major areas are;   
…Our submission:- Given the above considerations and a cue from the last MPC communique in September’s meeting, we think the monetary authority will maintain status quo on all decision and allow time for the proposed 2018 budget of N8.6 trillion to be passed into law.
 
Kindly click here to download the Pre-MPC November 2017 note.
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