News

March 8, 2024

We’re on right track, Elumelu backs CBN on MPR

We’re on right track, Elumelu backs CBN on MPR

Chairman UBA, Tony Elumelu

Chairman of the United Bank for Africa (UBA), Tony Elumelu, has praised the Central Bank of Nigeria (CBN) over its recent decision on the raised monetary policy rate (MPR), saying the country is right on track.

Recall that the CBN after its last Monetary Policy Committee (MPC) meeting on February 27, 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.

Speaking in a recent interview on Thursday, about the apex bank’s decision, Elumelu said transformation takes time, but Nigerians should be patient with the policies.

However, he stated that authorities must be consistent and focused in 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.

He also expressed optimism that the value of the naira will start rising substantially against the dollar.

“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.