Business
CBN Governor signals possible interest rate cut soon
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the current high interest rate would be reduced very soon as the inflationary pressure eases as expected.
This was made known by Cardoso while delivering a keynote address at the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner held on November 29, 2024, at Eko Hotel in Lagos.
Cardoso said the cumulative raising of the Monetary Policy Rate (MPR) by 875 basis points to 27.5% this year were an “essential move” to contain inflation and restore stability.
The CBN boss, who recognized the challenges that higher interest rates impose on businesses and families, however, noted that these measures are not intended to be permanent.
Cardoso in his speech said, ‘
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