Nigeria’s Central Bank Governor Olayemi Cardoso says key benchmark interest rates which have stayed higher for longer may begin to slow if inflation trends downward in the coming months.
The CBN chief acknowledged that inflation still remains “elevated”, he however noted that “it’s less sticky than before”, fanning hopes that the macroeconomic stability may, in the near term, put the authorities in the right terms to ease monetary controls after hiking borrowing rates throughout last year.
“If we continue with our course of orthodox monetary policy—which has already shown results—then inflation will moderate over time. Alongside that, interest rates will also begin to ease,” Cardoso said at the launch of the World Bank’s Nigeria Development Update in Abuja.