MPC Plans to Tame inflation

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persistent inflation

by NIYI JACOBS

Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has said that the members of the Monetary Policy Committee, MPC, would do whatever is necessary to get a handle on the country’s persistent inflation.

According to him, “every indication” is that the monetary policy committee would “do whatever is necessary” to keep soaring inflation in check.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

The development comes as the next MPC meeting is scheduled for May 20-21, 2024.

Meanwhile, by raising interest rates, MPC continued to tighten its stands against inflation, which stood at 33.22 per cent in March.

Since the emergence of Cardoso, the interest rate has increased twice from 18.50 per cent to 24.75 per cent