Financial analyst; Wole Oluwo, has decried the retention of the nation’s Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), at 12 percent saying that a trade off might soon occur from the failure of the regulatory authorities to balance the achievement in other economic indicators such as the exchange rate and foreign reserve with a high interest rate.
Mr Oluwo on Channels Television’s Business Morning, warned that no matter the growth rate of the country, even if Nigeria’s economy is growing at 10 percent, the ordinary man can never feel the impact of such growth except if his business is able to access money via a lower interest rate.
It will also help reduce cost, he added.
He warned of an impending trade-off that can spike the inflation rate which the CBN is closely guiding to be retained at a single digit.
Oluwo ask why the CBN would rather have an economy where inflation rate is at a single digit but the average business owner cannot get a loan at single digit.
