The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies.
The Governor of the Central Bank of Nigeria , Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until
“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,” Cardoso said, ahead of the committee’s meeting on May 20 and 21.Cardoso’s stance is in sharp contrast with his predecessor Godwin Emefiele, who oversaw an inflation crisis in Nigeria as the central bank regularly printed money to fund government deficits beyond the 5 per cent limit permitted by law.
Speaking on the fluctuating value of the naira against the US dollar, Cardoso said the situation had now stabilised. Razia Khan, Chief Economist at Standard Chartered Bank, said: “The return to orthodoxy has been very much endorsed by investors. While Nigeria is not seeking an IMF programme it is implementing the kind of policies that would be endorsed by the IMF.”
However, Cardoso said he hoped that high rates would not “linger” for too long and act as a disincentive to investment and production. He said that raising rates had been essential.
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