Lagos: 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 percent from 27.0 percent. Monye made this known in Lagos on Sunday in an interview with the News Agency of Nigeria (NAN). He stated that the committee’s decision to begin a gradual monetary loosening was timely and appropriate, given the improving macroeconomic conditions.
According to News Agency of Nigeria, 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. He emphasized that the decision was well-received among economic players and commended the committee members for their actions.
Monye noted that recent policy measures by the government had helped align key price indicators in the economy, including inflation, exchange rate, and interest rate, towards planned targets. He highlighted that 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.
Monye expressed optimism that the measured rate cut would support investment and economic expansion without undermining price stability. He stated that with policies, appropriateness should be accompanied by right timing buoyed by the right level of implementation, supporting the MPC’s gradual easing stance.
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 programs.