The rise in interest rates is to counter inflation. It is part of a more recent undertaking by even most African countries too, who are experiencing same issues of inflation. Zambia, Congo, South Africa among others have either had to raise their interest rates or reduce it to soot the economy.
It is a good call by the CBN governor, Emiefele, and am hoping that despite the huge deficit this country is incurring, the incoming administration should be able to create more opportunities to support unemployment so as to alleviate the situation of hardship in the country.
Topic: CBN interest rate rise for the 3rd time this year. (Read 102 times)
Does it mean there are no other better ways to well fight inflation in the economies other than raising interest rates cause it's the citizens that suffer from the ripple effect of these concurrent rise's which has led to increments in prices of goods and services on each rate raise. Looking at all these you wonder how productive is the raising as it hasn't been able to solve to a very good level the problems as to why the interest rates are raised.
If the primary reason is tackled.If the foreign reserve is depleting as a result of buying goods and services from outside the country, I mean importation, government will have no option than the discourage citizens from taking the foreign currencies abroad. One of the thing they use to discourage this is increase in interest rate.
If Nigerian is producing more, exporting more than importing is the solution. If not for crude oil, it would have been worse than this.
Imagine how other countries like the USA the fight hard by all possible means to use reduce their interest rate knowing how badly the effect of the increase the cause suffering to their citizyns but for Naija government own na to the help add to their own citizyns suffering by inflating things.
Read this BBC News about the recent United States interest rate: https://www.bbc.com/news/business-65474456.ampNa all these things na make the prices of commodities and services for the country no the ever go down, anything way the price go up nah just up up it go the go, no coming down.
Increase in interest rate is to fight inflation, not the other way. Imagine how other countries like the USA the fight hard by all possible means to use reduce their interest rate knowing how badly the effect of the increase the cause suffering to their citizyns but for Naija government own na to the help add to their own citizyns suffering by inflating things.
Read this BBC News about the recent United States interest rate: https://www.bbc.com/news/business-65474456.ampNa all these things na make the prices of commodities and services for the country no the ever go down, anything way the price go up nah just up up it go the go, no coming down.
Increase in interest rate is to fight inflation, not the other way.
Just few days ago the CBN raise the interest rate for the country again and this one no be the first time but the third time this year way dem don do this kind of thing. Imagine how other countries like the USA the fight hard by all possible means to use reduce their interest rate knowing how badly the effect of the increase the cause suffering to their citizyns but for Naija government own na to the help add to their own citizyns suffering by inflating things.
https://nairametrics.com/2023/05/24/cbn-votes-to-raise-interest-rates-to-18-5-in-may-2023-highest-in-22-years/
Na all these things na make the prices of commodities and services for the country no the ever go down, anything way the price go up nah just up up it go the go, no coming down. This government nah don get the highest interest rate so far just within their administration for Naija history since independence and it the bother me to ask, wether this people way presido put in charge of the economy is it that them no be professionals in economic matters or them just knowingly decide to wan punish us for this country?
My own advise way I go fit give my fellow youth be say; make everybody tighten their belt well and double their legit hustle cause this country we never know where it the lead to yet.
https://nairametrics.com/2023/05/24/cbn-votes-to-raise-interest-rates-to-18-5-in-may-2023-highest-in-22-years/
Na all these things na make the prices of commodities and services for the country no the ever go down, anything way the price go up nah just up up it go the go, no coming down. This government nah don get the highest interest rate so far just within their administration for Naija history since independence and it the bother me to ask, wether this people way presido put in charge of the economy is it that them no be professionals in economic matters or them just knowingly decide to wan punish us for this country?
My own advise way I go fit give my fellow youth be say; make everybody tighten their belt well and double their legit hustle cause this country we never know where it the lead to yet.
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