• About Us
  • Contact Us
  • Privacy & Policy
Friday, July 18, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Fighting Inflation: There is no quick fix, CBN Governor states possible solutions

Vincent Amadi by Vincent Amadi
June 1, 2024
in Economy, News
Reading Time: 2 mins read
A A
0
Fighting Inflation: There is no quick fix, CBN Governor states possible solutions
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

From: Amadi Vincent Uzoma
Quoting the importance of controlling inflation and achieving price stability, the Central Bank of Nigeria, CBN, increased its benchmark interest rate, the Monetary Policy Rate, MPR, by 150 basis points to 26.25 percent from 24.75 percent yesterday. This marks the third rate hike in less than three months. During a briefing at the end of the Monetary Policy Committee meeting in Abuja, CBN Governor, Mr. Olayemi Cardoso, emphasized that there is no quick-fix solution.
Cardoso highlighted that despite the rate hike, the Cash Reserve Ratio (CRR) for deposit money banks remains at 45 percent and the Liquidity Ratio at 30 percent.


The governor expressed confidence in the effectiveness of the measures employed by the bank to tackle inflation and stabilize the foreign exchange market, expecting to see positive results in the following months. The inflation rate had been on a steady rise for over 13 months, reaching 33.69 percent year-on-year due to food inflation.
He also acknowledged the challenges posed by food inflation but mentioned that there were signs of moderation in the overall inflation rate, attributing it to the efficacy of the bank’s measures.
Cardoso stressed the need for addressing issues like transportation costs of farm produce, infrastructure constraints in distribution networks, security challenges in food-producing areas, and exchange rate effects on domestic prices for imported food items in order to effectively curb food inflation.
The CBN governor expressed optimism about the increasing confidence of investors in the country, noting that transparency initiatives have positively impacted foreign portfolio investors. He emphasized that the regulations around Fintech companies were aimed at strengthening the sector and ensuring maximum benefit for the Nigerian public, rather than putting them out of business.


He raised concerns about illicit financial flows and money laundering within the Fintech sector, prompting increased surveillance. Despite heightened regulatory guidelines, no Fintech organization has had its license revoked by the CBN, as the bank aims to support and strengthen these entities.
In response to the MPR increase, Sola Obadimu, Director General of the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), highlighted the challenges it poses for business managers in the country. Similarly, Dr. Muda Yusuf, founder of the Centre for the Promotion of Private Enterprise (CPPE), pointed out that the rate hike would impose additional burdens on investors with credit exposures to banks, urging for necessary fiscal policy support to counteract the impacts of strict monetarism on the economy.

Vincent Amadi

Vincent Amadi

Related Posts

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

16 hours ago
Wanted gunrunner died while evading arrest – Kogi CP
News

Wanted gunrunner died while evading arrest – Kogi CP

1 day ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

3 days ago
Peter Obi urges Northern leaders to invest in education to tackle poverty
National

Just In: I will contest for office of the President in 2027 — Peter Obi

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Public Health Alert: NCDC warns of yellow fever, dengue, cholera outbreak as flood risks
National

Public Health Alert: NCDC warns of yellow fever, dengue, cholera outbreak as flood risks

6 hours ago
Tinubu appoints IBB’s son as Chairman, Bank of Agriculture
National

Tinubu appoints IBB’s son as Chairman, Bank of Agriculture

7 hours ago
Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

16 hours ago
Breaking: Momodu resigns from PDP, joins ADC
National

2027: ADC won’t play catch-up to APC — Dele Momodu

16 hours ago
NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria
National

NELFUND Disburses ₦73.2bn in Interest-Free Student Loans Across Nigeria

1 day ago
INEC Extends Anambra Voter Registration by Three Days
National

INEC Extends Anambra Voter Registration by Three Days

1 day ago

POLITICS

Breaking: Momodu resigns from PDP, joins ADC

Breaking: Momodu resigns from PDP, joins ADC

2 days ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP

Breaking News: Former vice president Atiku Abubakar resigns from PDP

2 days ago
Kwankwaso asserts refraining from making comments on political events

Kwankwaso Not Leaving NNPP for ADC – Dungurawa Clears the Air

4 days ago
ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

5 days ago
ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

5 days ago
2027: APC chieftain warns opposition leaders and ADC against reckless statements

2027: APC chieftain warns opposition leaders and ADC against reckless statements

5 days ago

YOUR ECONOMY

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

16 hours ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

3 days ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

3 weeks ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

4 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

1 month ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

1 month ago

E & P

Atalanta rejects Inter Milan’s €40m bid for Ademola Lookman
Sports

Atalanta rejects Inter Milan’s €40m bid for Ademola Lookman

by Steven Atogi
16 hours ago
0

Inter Milan has shown interest in signing Nigerian forward, Ademola Lookman from Atalanta. The Serie A club, Atalanta, on Thursday,...

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

2 days ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

4 days ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

1 week ago
Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

1 week ago
Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

2 weeks ago

YOUR THOUGHT & HISTORY

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
3 days ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
2 weeks ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
3 weeks ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
3 weeks ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
5 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Public Health Alert: NCDC warns of yellow fever, dengue, cholera outbreak as flood risks

Public Health Alert: NCDC warns of yellow fever, dengue, cholera outbreak as flood risks

July 18, 2025
Tinubu appoints IBB’s son as Chairman, Bank of Agriculture

Tinubu appoints IBB’s son as Chairman, Bank of Agriculture

July 18, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address