“Confidence in the Naira Restored by Multiple Interest Rate Hikes, Says Cardoso”

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the naira’s value has increased as a result of several interest rate increases.

Talking at a news conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja, Cardoso emphasised how the currency’s successive interest rate hikes had led to a shift in public perception.

“There was a situation where exchange rate was really running at an incredible pace and people were beginning to lose confidence in the currency,” Cardoso stated. “We believe that these multiple hikes have helped for people to now begin to take a different look at their currency, and there is a greater incentive to hold naira as opposed to a situation that we had before where this was not the case.”

In an effort to control inflation and stabilise the naira, the MPC increased the monetary policy rate (MPR) from 22.75 percent in February to 27.25 percent in September of this year.The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the naira’s value has increased as a result of several interest rate increases.

Talking at a news conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja, Cardoso emphasised how the currency’s successive interest rate hikes had led to a shift in public perception.

“There was a situation where exchange rate was really running at an incredible pace and people were beginning to lose confidence in the currency,” Cardoso stated. “We believe that these multiple hikes have helped for people to now begin to take a different look at their currency, and there is a greater incentive to hold naira as opposed to a situation that we had before where this was not the case.”

In an effort to control inflation and stabilise the naira, the MPC increased the monetary policy rate (MPR) from 22.75 percent in February to 27.25 percent in September of this year.