Ex-CBN director hails MPC for reducing interest rate
A former Director, Research Department, Central Bank of Nigeria (CBN), Dr Titus Okunrounmu, has lauded the Monetary Policy Committee (MPC) for cutting interest rate by 50 basis points.
Mr Okunrounmu gave the commendation in an interview on Wednesday in Ota.
He said that the MPC’s decision to lower the rates was good and in the right direction to help the economy recover fully.
“I think the policy is in the right direction aimed at stabilising the inflation rate.” the ex-director said.
Mr Okurounmu, however, advised the MPC to implement more policies to further bring down the prices of goods and services to stimulate economic growth.
The MPC at its 304th meeting held from February 23 to February 24 in Abuja, cut the MPR by 50 basis points representing 26.50 per cent.
The committee also adjusted the asymmetric corridor to +50/-450 basis points around the MPR, retained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 per cent and 16 per cent for Merchant Banks, and maintained the Liquidity Ratio at 30 per cent.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Tinubu’s Chicago Certificate: “Tokunbo Pearse is shameless scoundrel,” says Adebayo Williams
Mr Williams stated, “In 2003, I was part of Senator Tinubu’s entourage to his Alma mater, Chicago State University.”
Africa
ITUC-Africa demands climate justice, decent jobs for workers at COP31
TUC-Africa has called for climate justice, decent jobs and stronger social protection for workers at COP31.
Anti-Corruption
Fraudster Ifeanyi Arinze forfeits luxury cars, other items to FG after conviction
An analysis of his Kuda Bank account showed inflows totalling N2.14 billion between August 2022 and February 2026.
Education
Union directs OAU students not to pay N15,000 portal charge
The union gave the directive in a statement on Tuesday and demanded the suspension of all balloting activities until the matter is resolved.
States
NLC calls out Tinubu, demands immediate release of Osun LG funds
The Nigeria Labour Congress demanded the immediate release of withheld local government funds in Osun, declaring solidarity with workers protesting the seizure.
