This comes amid Nigeria’s persistently high inflation rate of 33.2%, the highest in thirty years, with food inflation even higher at 40%.
By Johnson Atoukudu
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, suggested that the apex bank plans to maintain high interest rates until inflation eases, employing conventional measures.
In a discussion with the Financial Times, Cardoso, who leads the Monetary Policy Committee (MPC), emphasised their commitment to curbing the surging inflation.
This comes amid Nigeria’s persistently high inflation rate of 33.2%, the highest in thirty years, with food inflation even higher at 40%.
“There is every indication that the MPC would do whatever is necessary. They will continue to do what has to be done to ensure that inflation comes down.
He stated: “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. The apex bank has been reoriented to focus on price and monetary stability,” Cardoso said.
In February and March, the monetary policy rate saw increases of 400 and 200 basis points respectively, leading to a rise in the key lending rate to 24.75%.
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