{"id":92816,"date":"2023-07-25T10:01:34","date_gmt":"2023-07-25T09:01:34","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/interest-rate-hike-will-lead-to-recession-financial-expert-warns-cbn"},"modified":"2023-07-25T10:01:34","modified_gmt":"2023-07-25T09:01:34","slug":"interest-rate-hike-will-lead-to-recession-financial-expert-warns-cbn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/interest-rate-hike-will-lead-to-recession-financial-expert-warns-cbn","title":{"rendered":"Interest rate hike will lead to recession \u2013 Financial expert warns CBN"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Following the ongoing Central Bank of Nigeria Monetary Meeting Policy, a financial expert has advised the apex bank not to hike interest rates to avoid recession.<\/p>\n

Dr Basil Chukwu, a senior lecturer at the Department of Economics & Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, disclosed this on Monday in an interview.<\/p>\n

He was speaking against the ongoing CBN\u2019s MPC scheduled for Monday and Tuesday.<\/p>\n

In May, the MPC had increased the nation\u2019s interest rate from 18 per cent to 18.5 per cent. A similar increment had been consistent in the last six months in a bid to reduce rising inflation.<\/p>\n

Chukwu noted that amid the harsh economic realities, the country\u2019s highest monetary decision-making committee should retain or reduce its interest rate to stimulate supply.<\/p>\n

He said further tightening of the economy could lead to recession.<\/p>\n

\u201cThe Central Bank of Nigeria, CBN should either maintain the last rate or reduce it to stimulate the economy\u2019s supply side. The removal of oil subsidies in the last two months has created significant negative economic shocks, especially in food prices, transport and energy sectors. Further tightening of the economy to halt rising prices (inflation) will depress aggregate demand and could lead to a deeper recession\/depression. The reduction in the MPC rate will stimulate production, forcing down prices of goods and services\u201d, he stated.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Following the ongoing Central Bank of Nigeria Monetary Meeting Policy, a financial expert has advised the apex bank not to hike interest rates to avoid recession. Dr Basil Chukwu, a senior lecturer at the Department of Economics & Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, disclosed this on Monday in […]<\/p>\n","protected":false},"author":84,"featured_media":92815,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-92816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nInterest rate hike will lead to recession \u2013 Financial expert warns CBN - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/interest-rate-hike-will-lead-to-recession-financial-expert-warns-cbn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest rate hike will lead to recession \u2013 Financial expert warns CBN\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Following the ongoing Central Bank of Nigeria Monetary Meeting Policy, a financial expert has advised the apex bank not to hike interest rates to avoid recession. 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