Home News Finance Inflation Expected to Rise Further, Cardoso Pledges MPC Will Tackle That
FinanceNews

Inflation Expected to Rise Further, Cardoso Pledges MPC Will Tackle That

393

Governor Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has reiterated that the Monetary Policy Committee (MPC) will address Nigeria’s persistent inflationary pressures. In a recent interview on Monday, Cardoso stated that the MPC members would not relent in combating inflation.

According to him, interest rates would remain elevated for the foreseeable future as part of the strategy to curb inflation.

The CBN’s stance on inflation was evident, notably during the February MPC meeting when the committee implemented significant rate hikes. Since then, the benchmark lending rate has been raised to 24.75 per cent from 18.75 per cent.

Speaking to the Financial Times, Cardoso pledged that the MPC would take necessary measures to curb inflation hikes. The next MPC meeting is scheduled for May 20-21, and notably, there are expectations of a further rise in inflation figures.

Despite the obvious failings of some of the monetary policies in place, Cardoso expressed hope that high interest rates would not deter investment and production activities in the long term. Cardoso reassured investors of a more stable market environment regarding currency fluctuations and emphasised that the CBN is committed to orthodox monetary policies.

“Let’s face it: for a long period, the CBN did not embrace orthodox monetary policies. We want to go back to using an orthodox method, and it will take us to where we want to go”, he said.

About The Author

Related Articles

Nigeria's Inflation is Not Looking Good, NBS 2024 Report Shows
FoodNews

SBM Survey Shows Worsening Food Insecurity in Nigeria and Ghana

A recent report by SBM Intelligence has shown that food insecurity is...

NewsTravel

NiMet Workers Protest Unmet Demands, Warn Nigerians: “Fly at Your Own Risk”

Operations at the Nigerian Meteorological Agency (NiMet) headquarters in Abuja were shut...

BusinessNews

Niger, UAE Firm Sign Deal to Establish Gold Refinery – Mines Minister Vows Local Processing to Benefit Citizens

Niger has signed a joint venture agreement with the Emirati company Suvarna...

FinanceNews

China to Invest $950 Million in Kenya’s Manufacturing, Agriculture and Tourism Sectors Following Ruto’s Visit

Kenyan President William Ruto has signed a $950 million agreement with China...