News Investigators/ Eddie Osarenkhoe, a financial expert has advised the Monetary Policy Committee (MPC) of the CBN to reduce the interest rate to further bring down inflation.
Mr Osarenkhoe, also a former President, Finance Houses Association of Nigeria (FHAN) gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota.
He spoke on his expectations for the two-day meeting of the MPC, which begins on Monday in Abuja.
The News Agency of Nigeria (NAN) reports that the interest rate otherwise known as Monetary Policy Rate (MPR) is the benchmark interest rate set by the Central Bank of Nigeria (CBN).
It is used to manage money supply, influence interest rates and ultimately control inflation.
According to him, the nation’s inflation rate is dropping and there is the need to reduce it further to bring down inflation in order to boost the economy.
“We expect the MPC to further reduce the MPR to check the inflationary trend in the country.’’
Mr Osarenkhoe emphasised the need for the Federal Government to urgently do something about foods inflation as Nigerians were going through hardship.
Mr Osarenkhoe also urged the government to make emphatic efforts toward addressing insecurity, especially in the North-East and North-West of the country so that people could go to their farms to produce.
He noted that the tractors recently inaugurated by the government would not produce any fruitful results if insecurity persisted in those areas.
According to him, with the introduction of Compressed Natural Gas (CNG) and Dangote Refinery coming on board, it will go a long way in bringing down food prices.
NAN
