Ahead of Tuesday’s Monetary Policy Committee meeting, financial experts have urged the Central Bank of Nigeria to retain a 24.75 per cent interest rate.
In different statements, Prof Ken Ife, a renowned economist; Dr Chijioke Ekechukwu, former president of Abuja Chamber of Commerce and Industry; and Prof Uche Uwaleke, president of Capital Market Academics of Nigeria, advised CBN against raising the interest rate.
According to the economists, further tightening measures will negatively impact Nigeria’s economy.
They noted that while Monetary Policy can address some inflationary pressures, other factors, such as insecurity and rising energy prices, have further exacerbated Nigeria’s inflation.
Meanwhile, CBN governor Olayemi Cardoso said that MPC would do everything to tackle the country’s inflation, which increased to 33.69 per cent in April 2024, including raising the interest rate.
CBN announced that May’s MPC will be held on Tuesday and Wednesday.
