By Rukayat Moisemhe
The Publisher of The TMBC Business, Mr Tony Monye, has commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent from 27.0 per cent.
Monye made this known in Lagos on Sunday in an interview with the News Agency of Nigeria (NAN).
He said that the committee’s decision to begin a gradual monetary loosening was timely and appropriate, given the improving macroeconomic conditions.
NAN reports that the MPC, at its latest meeting, lowered the benchmark interest rate by 0.50 percentage points, citing sustained dis-inflation and improving economic fundamentals.
Monye described the move as a cautious and responsive approach needed to consolidate recent gains in price stability.
“I doubt there are sane economic players out there that aren’t applauding the members of the MPC.
“The system needs this sort of decision at this time. So, members of the committee should be commended,” he said.
Monye noted that recent policy measures by government had helped align key price indicators in the economy, including inflation, exchange rate and interest rate, towards planned targets.
According to him, inflation has maintained a steady month-on-month decline, while the naira has continued to strengthen in the foreign exchange market.
He added that interest rates had remained relatively stable, creating a more predictable environment for investors and other economic agents.
“With policies, appropriateness should be accompanied by right timing buoyed by the right level of implementation,” Monye said, in support of the MPC’s gradual easing stance.”
He expressed optimism that the measured rate cut would support investment and economic expansion without undermining price stability.
NAN further reports that The TMBC Business, a monthly non-street journal, will celebrate its second anniversary in April, which will be commemorated with a series of programmes.
(NAN)(www.nannews.ng)
Edited by Kevin Okunzuwa
