The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said interest rates would remain high until inflation rate comes down.
Cardoso stated this in a Financial Times report today, stating that the orthodox policies would be implemented to tame inflation, nothing that the monetary policy committee will continue to do what has to be done to ensure that inflation comes down.
He said the official window of the foreign exchange (FX) market has been stabilised, as investors previously had a tendency to head for the window in response to currency fluctuations, however, there has been a fundamental shift.
Recall that in March, Nigeria’s inflation rate rose to 33.20 percent from 31.70 percent in February, with the MPC raising the interest rate by 200 basis points in March to 24.75 percent.
