CBN To Retain High Interest Rates To Curb Inflation says Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies.
According to him, Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent.
Cardoso, in an interview with newsmen said that the Monetary Policy Committee (MPC), which he chairs, would do whatever is necessary to keep the soaring inflation in check.
Cardoso’s stance is in sharp contrast with his predecessor Godwin Emefiele, who oversaw an inflation crisis in Nigeria as the central bank regularly printed money to fund government deficits beyond the 5 per cent limit permitted by law.