The governor of the central bank of Nigeria, Olayemi Cardoso says inflationary rate is expected to crash significantly at the end of the year, insisting that the policies introduced by the apex bank are yielding quick and steady results.

 

Speaking during the Monetary Policy Committee meeting, Cardoso stated that the new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%, aiming to reduce spending and slow economic growth, ultimately bringing down inflation.

 

Cardoso highlighted the importance of food security in the fight against inflation, urging the federal government to fully implement its agricultural programmes, to increase domestic food production and reduce reliance on imported food items.

 

He also addressed the issue of contractual obligations inherited from the previous leadership of the apex bank, insisting that all legal and verified obligations have been settled except transactions whose documents were not properly filed, illegal or untraceable, noting that anti-graft agencies will look into such cases.

The apex bank chief responding to a question on the apex bank’s update on crypto exchange platform Binance, said $26bn suspicious flows passed through Binance last year, noting that the CBN has the wherewithal to collaborate with other agencies of government to address financial crimes.

The next MPC meeting will be held between the 20th and 21st of May, 2024.

 

 

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