The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said that interest rates will remain high until the inflation rate is tamed.
Cardoso, who said that the CBN Monetary Policy Committee, MPC, was taking all necessary measures to combat inflation, disclosed that conventional policies would be put in place to address the problem.
recalls that Nigeria’s inflation rate climbed to 33.20 per cent in March, up from 31.70 per cent in February, prompting the CBN Monetary Policy Committee to increase the interest rate by 200 basis points in March to 24.75 per cent. Speaking on the matter, Cardoso said: “They will continue to do what has to be done to ensure that inflation comes down. Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.
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