The central bank had been due to announce its interest rate decision on January 23, a day after a Monetary Policy Committee (MPC) meeting. On Tuesday, the stock market fell to a one-week low, amid fears that monetary policy was being held hostage by the spat between president Buhari's office and the Senate over government appointments. "The development is a blow to the idea of central bank independence in the country and could erode confidence," said Michael Famoroti, chief economist at Vetiva Capital. If there's an emergency, what policy adjustments will the central bank make and how quickly?" In October, Central Bank governor Godwin Emefiele said he expected inflation to fall at a faster pace and reach the high single-digits by the middle of 2018.

Source: The Star January 24, 2018 04:18 UTC