Interest rate rises to 24.75%

• Experts analyse apex bank’s monetary policy decisionsThe Monetary Policy Committee , after its meeting in Abuja, announced a significant hike in the benchmark interest rate.

According to Cardoso, the Committee raised the Monetary Policy Rate by 200 basis points to 24.75 per cent from 22.75 per cent . Cardoso addressed concerns regarding the forex market, emphasising the need to foster competition and transparency. Yesterday MPC meeting is the second within the last one month and the second since Cardoso became the CBN governor.

At the Nigerian Autonomous Foreign Exchange Market , the naira appreciated by 1.78 per cent to close at N1,382.95/$1.Managing Director/Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, believes by raising the MPR by 200 basis points, the MPC sacrificed production on the altar of exchange rate stability.

“The MPR increase poses a major risk to the financial intermediation role of banks in the Nigerian economy. “Over the last two years, there had been persistent monetary policy tightening, yet there has not been any significant impact on the inflationary pressures.On the way forward, he urged the CBN to boost institutional lending capacity.

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