Business

MAN Tasks CBN On Monetary Policy Failures To Curb Inflation

Published

3 years ago

May 25, 2023

487 Views

The Manufacturers Association of Nigeria (MAN) says that the Monetary Policy of the Central Bank of Nigeria (CBN) has failed to curb the rising inflation in the economy.

The Association, therefore, urges the apex bank to think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy.

Reacting today, to the CBN’s Monetary Policy Rate (MPR) which raised to 18.5 percent in May 2023 from 18 percent, MAN said : ” This MPR increase is the 7th in a trend and the inflation rate continues to rise despite the increases.

Segun Ajayi-Kadir, its Director-General, said that this is a clear indication that the policy tightening is not effective in curbing the inflationary pressures and more needed to be done.
What Should Be Done?
” It is evident that the continuous and consistent increase in MPR is not yielding the desired growth in the economy.

” The Nigerian economy remains fragile and bedeviled with numerous challenges that inhibit growth. Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.

The increase in MPR from 18% to 18.5% will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.

The Association has been clamoring for single-digit lending rates to allow manufacturers access needed funds to boost the performance of the sector.

This increase, like the previous ones, is evidence that the CBN is either unperturbed about the plight of the productive sector or is unable to fathom out a more creative policy mix that would reflate the sector.

We are persuaded that monetary authority is oblivious of the fact that the failure of its tightening policy to address the inflationary pressure is because the hike in inflation is largely caused by a combination of familiar challenges, including low output which is attributed to instability of macroeconomic variables, inconsistent and lackluster fiscal policy regime, incoherent industrial policies, challenging and expensive operating environment, exploitative regulation, external shocks and poor exchange rate management.

Therefore, there is a need to address the identified root causes of inflation and refrain from intensifying policy choices that hamper the performance of the real sectors of the economy.

Interrelationship Among Interest Rate, Inflation Rate and Exchange Rate

The movements of interest rate, inflation rate and exchange rate have direct impact on investment, employment and output of any economy.

In the conventional monetary framework that was adopted by the CBN, increase in MPR should increase interest rate and by extension attract financial investment.

However, it will also increase the cost of borrowing, crowd out more investments in the real sector and lower the output of the manufacturing sector, ” said the Director-General.

Business

Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.