February 23, 2025
cbn today 1

 

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has indicated that the apex bank will persist with high interest rates until inflation is brought under control through orthodox policies.

In an interview with the Financial Times, Cardoso emphasized the Monetary Policy Committee’s commitment to curbing the soaring inflation, which currently stands at 33.2%, the highest in three decades, with food inflation even higher at 40%.

Cardoso’s stance marks a departure from the previous approach under his predecessor, Godwin Emefiele, who faced criticism for resorting to unconventional monetary policies, including printing money to fund government deficits beyond legal limits.

The recent hikes in the monetary policy rate, lifting the key lending rate to 24.75%, reflect the CBN’s shift towards orthodox monetary policies aimed at achieving price and monetary stability.

Despite concerns about the adverse effects of high interest rates on the economy, including increased production costs and reduced consumer credit, Cardoso stressed the necessity of these measures to moderate the foreign exchange market and address inflationary pressures.

While acknowledging that inflation remains a significant challenge, Cardoso attributed the persistently high rates to “distortions,” particularly in food prices, which are beyond the CBN’s direct control.

Market analysts have offered mixed reactions to the CBN’s approach, with some endorsing the return to orthodoxy as endorsed by investors, while others highlight structural issues such as insecurity affecting food production and contributing to inflation.

Looking ahead, Cardoso expressed hope that high rates would not persist indefinitely and acknowledged the need for a balanced approach between monetary and fiscal policies to address supply gaps and rein in inflation while promoting investment and production.

667 thoughts on “CBN to Maintain High Interest Rates to Tackle Inflation, Says Cardoso”

  90. The biggest shopping mall with Nyx Professional Makeup: King of Prussia Mall “Just reopened, right by the 6 train. Store is really pretty and the staff is really nice” According to social media, the store is having a Halloween party on Oct. 28 to celebrate the store opening. I can’t wait to see what else the store has planned for their biggest store opening yet. The eyes are the windows to the soul — and the most time-consuming part of most makeup processes. Any beauty guru would tell you that eye adornment is the most important part of any makeup look, whether you’re going for the minimalist makeup style or the red-carpet-ready look. Since your eyes are the first thing that draws people to your face and the anchor for the beholder’s gaze to rest on, painting your eyes right can pull your makeup look together and elevate your whole appearance.
    https://secondstreet.ru/profile/estherandmi1981/
    Beauty and cosmetics websites on Shopify can offer a live chat option to aid in this. This will enhance your user’s shopping experience ten folds. A shopper said, “I LOVE THIS PRODUCT. It helps so much with my hormonal acne and legit makes me glow. thank you Riri.” Another revealed, “My skin has never felt softer and has a beautiful glow after using the Pre-Show Glow! New skincare must have!” Was $64, Now $48 | 4.5-4.8 Stars “One of my best must haves! I think I have about 5 or more of this product I’m so addicted to it! My fiancé loves how it shines and sparkles on my skin,” a Fenty Beauty shopper said. Another praised the luminizer for it’s “natural looking glow. “This palette is absolutely amazing!! the shades are very natural & we can do so many beautiful makeup looks and the pigmentation is incredible,” a customer shared via review.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Related News

Power-supply

Improve your service before demanding more money, Sokoto Government tells KAEDCO

February 23, 2025
Clark

Atiku wants Edwin Clark immortalized 

February 22, 2025 25