Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), says the continuous financing of the federal government’s deficits through ways and means, contributes to inflation. Moghalu spoke
Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria , says the continuous financing of the federal government’s deficits through ways and means, contributes to inflation.Last year, TheCable reported that the federal governmentEarlier in May 2023, the senate approved the sum ofWays and means is a loan facility through which the CBN finances the government’s budget shortfall.
Speaking on increased inflation rates in the country despite interventions by the apex bank, Moghalu said the “This becomes a challenge because in order to attract capital, when you have a very stiff rise in inflation, most times you need to keep interest rates high for a while, but Nigeria’s economy is very funny, it doesn’t always follow the textbooks.”According to the economist, what is causing this current round of inflation is “not the standard definition of inflation of too much money chasing too few goods only, there is also a cost-push factor”.
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