The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria's economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government. He alleged that the interventions led to rising inflation and interest rates. Cardoso disclosed this on Thursday while speaking at a CEO Forum in Lagos. He explained that the country's high interest rate which stood at 26.
“Interest rate is not set by the governor of the Central Bank. The interest rate is set by the members of the monetary policy committee. 'Thankfully, we have a monetary policy committee comprised of independent-minded people who are solely driven by data. “The MPC has made it very clear that for them the major issue is taming inflation and has also made it very clear that they will do whatever is necessary to tame inflation.