Nigeria's Senate on Thursday confirmed the appointment of 12 new members of the central bank's Monetary Policy Committee (MPC), setting the stage for the bank to hold an interest rate meeting next week, the first since July.
Central bank governor Olayemi Cardoso, who was appointed in September, faces pressure to raise interest rates when the MPC meets on Feb. 26 and 27.
Inflation in Africa's largest economy hit almost 30% in January, the highest in about three decades, worsening a cost-of-living crisis amid a crippling dollar shortage that has pushed the currency to record lows in recent weeks.
President of Nigeria's Senate Godswill Akpabio said of the committee, "we hope that they will use their expertise to improve the monetary policy and even the fiscal policy to get the country out of this economic quagmire."
In November, Cardoso said the central bank will tighten policy in the first two quarters of 2024 to curb rising inflation.
