CBN To Retain High Interest Rates To Curb Inflation — Cardoso

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The Governor of the Central Bank of Nigeria , Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies.Cardoso, in an interview with the Financial Times, said that the Monetary Policy Committee , which he chairs, would do whatever is necessary to tame soaring inflation.

“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. Speaking on the fluctuating value of the naira against the US dollar, Cardoso said the situation had now stabilised.“Investors had previously tended to head for the window in response to currency fluctuations. But now, there had been a fundamental shift. They’re getting more comfortable with the market,” he stated.

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