The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has indicated that the apex bank could raise interest rates in its bid to tame the rising inflation.
This, he said is in line with the bank’s decision to move to an orthodox policy. Cardoso made this known in an interview with Financial Times recently.
The bank chief noted there was every indication that the monetary policy committee he chairs 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 ahead of the bank’s meeting which will hold later in the month, where some analysts expect a further chunky rate hike.
Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades. Food inflation is higher still at 40 per cent, a sharp blow to the living standards of poorer citizens who devote a larger share of their income to staples, such as rice.
Assaults on grain warehouses have been reported across the country.
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