The MPC had retained the baseline interest rate, known as the Monetary Policy Rate (MPR), at 27.50 per cent for the third consecutive time in its 301st meeting in July.
Mr Cardoso said that all 12 MPC members voted unanimously to hold all key monetary parameters.
“Aggressive tightening is the most appropriate response to the size of the challenge that we face right now,” he said.
MPR is a short-term, often overnight rate that banks charge one another to borrow funds.
“The CBN governor has assured that the policies of the bank will be evidence-based. Which empirical results support this aggressive move,’’ Mr Uwaleke said.
CBN governor Yemi Cardoso, who chairs the MPC, announced the committee’s decisions on Tuesday after the meeting.
At the July 2023 meeting, the committee had raised MPR by 25 basis points to 18.75 per cent from 18.50 per cent.
Samuel Nzekwe, a financial analyst, said increasing MPR by CBN from 18.5 per cent to 18.75 per cent would make borrowing higher for the production sector.
This is the first interest rate meeting and decision by the CBN since President Bola Tinubu took over on May 29.
Regarding the Nigeria mission, the U.S. government announced that it would have an optional two-day stop in Nigeria following a weekend vacation after its trip from Ghana.
