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The Central Bank of Nigeria (CBN), yesterday, raised the Monetary Policy Rate (MPR), which measures interest rate from 16.5 per cent to 17.5 percent to tame inflation, even as economists disagree with the move, citing unaddressed inflation drivers. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in…
With the Federal Government exhausting its debt window, the only option available for the next administration is to find pathways for sustainable budget funding, experts have said.
As expected, Nigeria’s inflation rate accelerated to a new 17-year high of 21.09 per cent in October, 0.32 per cent points increase from 20.77 per cent recorded in September, raising concerns for Nigerians already battling with weak household incomes and import pass-through costs.
The operators of the fiscal and monetary policies must devise novel ways of addressing the economic challenges confronting Nigeria will face more credit rating reviews from international bodies.
The Nigerian government must urgently adopt a floating exchange rate model that can converge all six different rates in the market to tackle the lack of forex liquidity in the system.