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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.
The United Nations says one of its staff members was killed and another injured as they travelled to a hospital in southern Gaza on Monday. According to report, the workers were travelling in a UN vehicle to the European Hospital near Rafah when it was struck. The Israeli military upon initial inquiry stated that the vehicle was struck in an active combat zone and that it's route had not been […]
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