Raising interest rate to tame inflation ineffective - LCCI tells CBN

In a statement on Friday, LCCI’s Director General, Chinyere Almona, urged the Central Bank of Nigeria to explore other viable options for addressing rising inflation.According to the apex bank, the move would tame inflation at 21.91 per cent in February.She said: “While the CBN has the overarching mandate of ensuring price stability, we suggest it should not be done in a manner that compromises growth, especially in the face of high unemployment.

“Inflation chips away at purchasing power, leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.” It further said that more than the instrumentality of monetary policy is needed to guarantee the desired results of low, stable, and predictable prices.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rate hikes ineffective against inflation, LCCI tells CBNThe Lagos Chamber of Commerce and Industry has called on the Central Bank of Nigeria to explore viable options to tackle the country’s surging inflation as the frequent interest rate hikes were not producing the desired result. The question now should be. How can this be reduced? I honestly think this man were to be charged for war crimes with the Naira redesign/cashless policy.
Source: MobilePunch - 🏆 8. / 63 Read more »