The Central Bank of Nigeria (CBN) has adopted an outward-looking stance, prioritizing foreign capital inflow over the survival of local industries by raising the monetary policy rate (MPR) to a multi-decade high of 24.75 per cent. Experts warn that this hawkish stance could further increase the cost of production, exacerbating the country's high inflation rate, which has surpassed 31 per cent monthly. Despite short-term challenges, continuous foreign capital inflow may reduce interest rates and strengthen the naira. visit www.guardian.ng.
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