Prof. Ken Ife, a renowned economist, advises against increasing the rate, citing the success of the current aggressive tightening policy. He notes that while inflation is rising year-on-year, month-on-month inflation indices are decreasing.
Dr. Chijioke Ekechukwu, a former president of the Abuja Chamber of Commerce and Industry, also advocates for maintaining the current rate, citing the need to assess the impact of previous tightening measures.
Prof. Uche Uwaleke, president of Capital Market Academics of Nigeria, urges the MPC to retain the prevailing rates, citing the negative impact of aggressive policy tightening on Nigerians and the economy.
The experts agree that while monetary policy can address some inflationary pressures, other factors like security challenges and energy costs also contribute to inflation, and a balanced approach is necessary.”
