CBN: Cardoso reveals what MPC will do to bring down Nigeria’s inflation

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Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has stated that the MPC members will take whatever action is required to address the nation’s ongoing inflation.

Cardoso made this statement on Monday during an interview with the Financial Times.

He asserts that there is “every indication” that the monetary policy committee would take “any necessary action” to rein in rapidly rising inflation.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

This development occurs at the same time as the May 20–21, 2024, MPC meeting is set to take place.

In the meantime, MPC tightened its stance against inflation, which stood at 33.22 per cent in March, by hiking interest rates.

The interest rate has doubled from 18.50 to 24.75 per cent since Cardoso’s debut.