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The Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane, says the Central Bank Monetary Policy Committee will have no option but to tighten interest rates amid soaring inflation and economic hardship.<\/p>\n

Rewane disclosed this in a recent interview on Channels Television.<\/p>\n

He stated that the MPC would likely increase the country\u2019s interest rate by nothing less than 200 basis points.<\/p>\n

\u201cWe have no choice but to tighten monetary policy. They must tighten and tighten well.<\/p>\n

\u201cI will suggest that nothing less than 200 basis points will send a signal to the market.<\/p>\n

\u201cWe have seen the primary option and bond option in the treasury bill,\u201d he said.<\/p>\n

DAILY POST reports that the CBN governor, Olayemi Cardoso and members of the MPC would hold their first meeting scheduled for February 26 and 27.<\/p>\n

The last MPC meeting was held in July 2023 under the former Acting CBN governor, Mr Folashodun Shonubi, where the country\u2019s interest rate was pegged at 18.75 per cent.<\/p>\n

The National Bureau of Statistics says Nigeria\u2019s inflation soared 29.90 per cent in January 2024.<\/p>\n

Inflation, hardship: CBN has no option than to tighten Monetary Policy \u2013 Rewane<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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