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PROFESSOR OF ECONOMICS, EMMANUEL ONWIODUOKIT, HAS JOINED SEVERAL EXPERTS WHO ARE CRITICAL OF THE LATEST ANNOUNCEMENT BY CENTRAL BANK OF NIGERIA OVER REDUCTION OF MONETARY POLICY RATE, MPR, BY 50 BASIS POINTS TO 26.5 PERCENT, NOTING THAT THE MOVE ALONE WILL NOT BE SUFFICIENT TO REVERSE THE ECONOMIC TRAJECTORY THE COUNTRY IS CURRNTLY ON.
EMMANUEL POINTED OUT THAT THERE ARE SEVERAL KEY ECONOMIC FACTORS THAT ARE NOT BEING PRIORITIZED, WARNING THAT REDUCING INTEREST RATE AT THIS POINT IS NOT A STRATEGIC MOVE.
HE FURTHER SUGGESTED THAT THE APPROPRIATE ECONOMIC APPROACH SHOULD BE HOLISTIC, WITH STRONG EMPHASIS ON A STABLE INTERNAL SECTOR.
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Adekunle Aminah
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