He said the development was dangerous to the banking profession and the business.
The ex-CIBN president spoke against the backdrop of complaints by bank customers on unexplained, multiple deductions from their accounts.
“We have been spraying money during social occasions for decades, and it is part of our culture,” said a financial expert.
At the July 2023 meeting, the committee had raised MPR by 25 basis points to 18.75 per cent from 18.50 per cent.
Nigeria’s total public debt stock hit N87.91 trillion ($114.35 billion) in Sept. 2023, according to the latest figures from the DMO.
Mr Moghalu said the decision was logical because affected departments primarily oversee market entities in Lagos.
“Our exports should also be priced in naira. Even our crude oil; we have very quality crude, it should be priced in naira.’’
The federal government had said it is in talks with the World Bank for a $1.5 billion budget support loan.
The meeting was earlier scheduled to be held on September 25 and 26.
The CBN has announced that the 292nd meeting of the MPC will be held on Monday and Tuesday, to be chaired by Folashodun Shonubi, the acting governor of the CBN.
