Chairman of the United Bank for Africa (UBA), Tony Elumelu, has lauded the Central Bank of Nigeria’s (CBN) recent decision on the raised monetary policy rate (MPR), saying the country is right on track.
Recall that after the last Monetary Policy Committee (MPC) meeting, the CBN raised the MPR by 400 basis points to 22.75 percent from 18.75 percent as part of its tightening policy of the monetary space.
In a recent interview on Thursday, Elumelu said transformation takes time, but Nigerians should be patient with the policies.
He, however, added that authorities must be consistent and focused on their policies to ensure they yield the expected results in the medium to long term.
“Of all the decisions the Central Bank took at the last MPC, if I were there, those are the exact decisions I would have taken in the circumstance,” Elumelu said.
“Hopefully, let us continue and not relent. It’s still early days. This is just the starting, but it seems one can be fairly and cautiously optimistic that we’re getting there. We are on the right track,” he assured.
“What I know as a transformation person is that the transformation journey takes time. And, you know it comes with a few initial pains, but (it’s good) to stay focused, stay the course, be consistent, be sincere and be committed to it.
“What I see, you know, I mean fixing the issues, making sure that interest rate is not negative to the investor, making sure that … it’s an inflationary situation and that we’re contracting as much as possible, so that we have fewer Naira chasing dollars, giving confidence to the market”, he said.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
