DAILY POST
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government.
He alleged that the interventions led to rising inflation and interest rates.
Cardoso disclosed this on Thursday while speaking at a CEO Forum in Lagos.
He explained that the country’s high interest rate which stood at 26.25 percent in May is driven by increased money supply and subsequent inflation, which forces the Monetary Policy Committee (MPC) to maintain elevated rates.
He absolved himself from the decision taken by the MPC over tightening monetary policy measures.
According to him, Nigerians must understand that the surge in Ways and Means and intervention programs has consequences
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