By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: CBN Governor Defends Interest Rate Hike as Essential for Economic Stability
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | CBN Governor Defends Interest Rate Hike as Essential for Economic Stability

Business

CBN Governor Defends Interest Rate Hike as Essential for Economic Stability

Olaitan Sodiq
Olaitan Sodiq
Published: June 2, 2025
Last updated: June 2, 2025
2 Min Read
Share
Yemi Cardoso Outlines Solutions to Rising Inflation
Yemi Cardoso, CBN Governor
SHARE

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has robustly defended the recent increase of the Monetary Policy Rate to 27.25 percent, deeming it an essential step in the fight against inflation and the management of excessive liquidity in the economy.

In a statement made at the Harvard Club of Nigeria over the weekend, Cardoso acknowledged the challenges posed to borrowers but emphasized the necessity of the move for the long-term economic health of the country.

“Our decision to raise the Monetary Policy Rate to 27.25 percent was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort,” he stated.

Reflecting on his first year in office, Cardoso highlighted that restoring public trust in the financial system is paramount.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System is rooted in this understanding,” he added.

The CBN governor also addressed the controversial decision to float the naira, which faced considerable public backlash.

READ ALSO: Cardoso Sees Relief for Transportation Costs, Food Inflation

Cardoso defended this initiative, stating, “The decision was necessary to bring the official exchange rate closer to market reality and reduce speculative trading. This move has started stabilizing the currency markets.”

Although the CBN has not yet met its inflation targets, Cardoso expressed optimism, citing recent reports from the National Bureau of Statistics indicating a decline in inflation rates for July and August 2024. “Our policies are gradually steering the economy in the right direction, though challenges remain,” he added.

 

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Cardosointerest rateTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

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

Latest Updates

PDP Shifts National Elective Convention to November, Moves Venue to Ibadan | Daily Report Nigeria
PDP Shifts National Elective Convention to November, Moves Venue to Ibadan
Politics
Barcelona Goalie Ter Stegen Out for Three Months After Back Surgery | Daily Report Nigeria
Barcelona Goalie Ter Stegen Out for Three Months After Back Surgery
Sports
Wrestling Legend Hulk Hogan Passes Away at 71 | Daily Report Nigeria
Wrestling Legend Hulk Hogan Passes Away at 71
Sports
“Igbo Man Is Not Wired For Politics” — Pete Edochie | Daily Report Nigeria
“Igbo Man Is Not Wired For Politics” — Pete Edochie
Entertainment
Tinubu, APC Governors Pick Yilwatda as New National Chairman | Daily Report Nigeria
Tinubu, APC Governors Pick Yilwatda as New National Chairman
Politics

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

EFCC Launches Probe into Alleged N15m Bribe by Bobrisky | Daily Report Nigeria
Metro

EFCC Launches Probe into Alleged N15m Bribe by Bobrisky

February 21, 2025
BREAKING: Peter Obi Defeats Atiku, Tinubu In Delta | Daily Report Nigeria
Politics

BREAKING: Peter Obi Defeats Atiku, Tinubu In Delta

June 13, 2025
PETROAN Laments Over Petrol Price Hike
Business

“It’s No Longer Funny; Even Retail Outlet Owners Are Affected” – PETROAN Laments Petrol Price Hike

June 9, 2025
World Bank Blacklists 18 Nigerian Firms, Individuals for Corrupt Practices | Daily Report Nigeria
News

World Bank Blacklists 18 Nigerian Firms, Individuals for Corrupt Practices

June 13, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?