Nigerian economist advises against raising interest rates further, but MPC may increase MPR to fight inflation.

Dr. Chijioke Ekechukwu advises against further tightening of Nigeria's Monetary Policy Rate (MPR), arguing it won't solve inflation. Despite this, the Monetary Policy Committee (MPC) is expected to raise interest rates again to combat rising inflation and economic pressures. The Central Bank of Nigeria (CBN) has increased the MPR multiple times under Governor Yemi Cardoso, with the current rate at 27.25%. Financial experts suggest a potential 50-basis point increase, despite concerns it could hinder economic growth.

November 24, 2024
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