*Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited, asserts the Monetary Policy Committee of the Central Bank of Nigeria has no option but to tighten interest rates in the country

Isola Moses | 绿帽献妻

Against the backdrop of the current high inflation and attendant economic hardship affecting several millions of consumers, Mr. Bismarck Rewane, Chief Executive Officer (CEO) of the Financial Derivatives Company Limited, has said the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will have no option but to tighten interest rates in the country.

绿帽献妻 reports Rewane, who stated this during a recent interview on Channels TV, also projected that the MPC might increase the country鈥檚 interest rate by nothing less than 200 basis points.

Mr. Bismarck Rewane, CEO of Financial Derivatives Company Limited

Dr. Olayemi Cardoso, Governor of CBN, and other members of the MPC are expected to hold their first meeting this year February 26 and 27, 2024.

It is recalled the banking sector regulator’s MPC held the last meeting July 2023 under the leadership of Mr. Folashodun Shonubi, as Acting CBN governor. Nigeria’s interest rate was the pegged at 18.75 percent.

The CEO of Financial Derivatives said: “We have no choice but to tighten monetary policy. They must tighten and tighten well.

鈥淚 will suggest that nothing less than 200 basis points will send a signal to the market.”

The expert also noted: “We have seen the primary option and bond option in the treasury bill.”

The National Bureau of Statistics (NBS) also had stated that Nigeria鈥檚 inflation soared 29.90 percent January this year.