The unification of exchange rates should not be a one-step process but should be implemented over a period of time, however short it may be.
The Monetary Policy Committee had raised the MPR from 17.5 per cent to 18 per cent at its last meeting in March.
They noted that the Central Bank of Nigeria’s monetary policy’s tightening stance alone would not address the challenge.
Financial experts have urged the Central Bank of Nigeria (CBN) to improve its payment system to enhance the speed of settlement transactions.
It was the 6th consecutive time that the committee would hike the MPR, which was the baseline lending rate in the economy.
Mr Ahmed Wadada said the appointments was a reward and motivation for those who worked to ensure that he won the election.
The Supreme Court recently nullified the federal government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
“I have argued repeatedly that CBN can order the commercial banks to pay as much as N100,000 over the counter.”
As CBN holds its first MPC meeting on Monday, financial experts have suggested retaining current policy rates.
Mr Madaki, a resident of Keffi, Nasarawa State, was convicted on a two-count charge of criminal breach of trust and cheating.
