• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Soaring Inflation: CBN Makes a Promise

by Adetunji Tobi
May 14, 2024
in Finance
1
Olayemi Cardoso, Governor of the CBN and Inflation, Cybercrime Levy
Olayemi Cardoso, governor of the Central Bank of Nigeria [CBN]

Olayemi Cardoso, governor of the Central Bank of Nigeria [CBN]

UBA
Advertisements

Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria, said the members of the Monetary Policy Committee (MPC), would do whatever is necessary to tame the country’s high inflation.

Cardoso, said this in an interview with the Financial Times on Monday.

He noted that there was “every indication” that the MPC 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.

The CBN’s hawkish stance on inflation became obvious from the first MPC meeting held in February when the committee raised the benchmark lending rate by 400 basis points to 22.75 per cent, from 18.75 per cent and reviewed upward to 24.75 per cent in March.

The next MPC meeting is scheduled to be held on May 20-21.

Meanwhile, financial analysts had projected the MPC further hike rates, as inflation remained stubborn.

For instance, analysts at Meristem Securities projected an uptick in the headline inflation for April to 34.43 per cent year-on-year (vs. 33.20 per cent YoY reported in March 2024).

Despite the current CBN’s hawkish stance, Cardoso said he hoped that high rates would not be for too long and discourage investment and production.

His words,

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” he said.

On fluctuations in the naira in recent times, Cardoso stated that investors, who were likely to exit the economy in response to currency fluctuations, were now more comfortable with the market.

According to him, the apex bank was going to return to orthodox monetary policies,

“Let’s face it: for a long period, the CBN did not embrace orthodox monetary policies. We want to go back to using an orthodox method, and it will take us to where we want to go.”

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Tags: CBN and inflation
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
OpenAI Startup Fund Injects $5 Million More into Early-Stage AI Businesses

OpenAI Startup Fund Injects $5 Million More into Early-Stage AI Businesses

Comments 1

  1. Pingback: Nigeria’s Inflation Rate Hits 33.69% in April 2024 - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

$100 million African Film City project in Epe

Ground Breaking for $100 million African Film City Project Holds Soon – Sanwo-Olu

2 years ago

Bad Sides of Technology [Gambling Perspective]

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.