The Chairman of the United Bank for Africa Plc, Tony Elumelu, has praised the Central Bank of Nigeria over its recent decision on Monetary Policy Rate, saying the country is right on track.
Recall the CBN after its last Monetary Policy Committee meeting on February 27 raised the MPR by 400 basis points.
This took it to 22.75 percent from 18.75 percent as part of its tightening policy of the monetary space.
Elumelu, while speaking in an interview on Thursday, about the apex bank’s decision, stated that authorities must be consistent and focused in their policies to ensure they yield the expected results in the medium to long term.
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According to him, transformation takes time, hence the need to press further and not relent.
While urging Nigerians to be patient with the policies, Elumelu also expressed optimism that the value of the naira will start rising substantially against the dollar.
He said: “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 circumstances.
“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.
“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.”
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