The Monetary Policy Committee (MPC) of the Central Bank will met yesterday and decided to drop the Central Bank Rate (CBR) by 75bps to 12.00%. A quick summary as to how this decision was reached can be found below:
“The MPC noted that overall inflation has declined further and is expected to remain below the midpoint of the target range in the near term, supported by stable food inflation attributed to improved supply from the ongoing harvests, a stable exchange rate, and lower fuel inflation. Additionally, the Committee noted that non-food non-fuel (NFNF) inflation has moderated and is expected to remain stable, while central banks in the major economies have continued to lower interest rates in response to easing inflationary pressures, with expectations of further reductions in the coming months. The MPC also noted the sharp deceleration in credit to the private sector, and the slowdown in growth in the second quarter of 2024, and concluded that there was scope for a further easing of the monetary policy stance to support economic activity, while ensuring exchange rate stability. Therefore, the Committee decided to lower the CBR to 12.00%”
Attached is the MPC’s Press Release Statement in full for your perusal and for further information, below is a link to the CBK Governor’s press conference:
https://www.youtube.com/watch?v=BQaTFRXVleM
For your trading activities ahead, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and bidding!

**Links to the attachments to be found below this note