Emefiele:  Monetary policy rate will still go up

Hamilton Nwosa
Writer

Ad

OPEC Rejects Media Reports of Major Output Hike Ahead of G8 Meet

OPEC has slammed the brake on speculation, flatly rejecting media reports that the G8 is preparing to hike crude oil production by half a million barrels per day. In a statement from Vienna on Tuesday, the OPEC Secretariat called the claims “wholly inaccurate and misleading,” stressing that discussions among ministers for the upcoming meeting haven’t…

Ranked: Countries Losing the Most (and Least) from Trump’s Tariffs

Trump’s tariffs are hitting all of America’s major trading partners. But in U.S. trade, what matters isn’t just the tariffs a country faces—it’s how they stack up against competitors. This visualization, made with the Hinrich Foundation, shows which countries are losing the most, and the least, from Trump’s tariffs. The data seen here is sourced from…

Emergency in Rivers: Romancing impunity?, By Ebun Olu-Adegboruwa 

By Ebun-Olu Adegboruwa, SAN “I urge every Nigerian home and abroad to try and live within the confines of the law of the land and the Constitution of the Federal Republic of Nigeria. If we are able to do just that, we will be sure of ensuring that peace and unity reign in the country.…

Ad

 

 

 

Governor of the Central Bank of Nigeria, Godwin Emefiele on Saturday said Nigeria’s monetary policy rate would naturally still have to go up following the rise in inflation rates.

 

 

He stated this at the International Monetary Fund (IMF) headquarters in Washington.

Emefiele said, “Truly, Nigerians really expect that if they want to access finance, they should do so under a low interest regime. But of course you will agree with me that with the increase in inflation rate, from about 11.38 (percent) it was in February to almost about 12.8 in march, naturally what you find is that interest rate would have to still go up sort off.

“When you have the MPR below inflation rate, it is not a model that is acceptable.”

However, the CBN Governor said, the CBN under his leadership will continue to do all it can to ensure that the sectors of the economy that grow the domestic industry, get needed interventions.

“At the level of the CBN, we would continue, as much as possible to see how we can continue to increase our interventions to certain targeted areas of the economy,” he said.

“Particularly agriculture, mining, the real sector, areas that would boost domestic production, areas that would help to support our push away from relying on oil.

“Where we are seeing goods that can be produced in the country, where we find investors that are investing in domestic production rather than following up on exports, then we would continue to give those kind of investors support.”

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp