BREAKING: Ex CBN Deputy Gov, Moghalu Reacts After CBN Hiked The Monetary Policy Rate To 22.5 Percent

While reacting, Prof Moghalu described the move as a right step in a right direction, noting that the situation calls for nothing less, if we want to check inflation over 12 to 18 months. He went on and disclosed that the country did the same thing a decade ago, to bring inflation from 14 percent to 8 percent.

Professor Kingsley Moghalu made this disclosure in a post he made on his official X handle on Tuesday afternoon, noting that the move will hit businesses harder.

Moghalu went on and made it clear that we must kill the inflation dragon, otherwise it will consume our economy. He went on and made it known that the money supply must be reduced, noting that price stability must take priority before economic growth in the current situation.

Some parts of his post read: “Correct move by @cenbank Monetary Policy Committee to dramatically hike the Monetary Policy Rate by 400 basis point to 22.5 %. The situation calls for nothing less if we are to check inflation over 12-18 months. We did the same a decade ago to bring inflation from 14% to 8%.”