Global rating agency, Fitch Ratings Inc. has called on the Central Bank of Nigeria (CBN) to adopt more stringent monetary tightening measures to secure macroeconomic stability.
The agency hailed the recent 400bp increase, to 22.75%, in Nigeria’s monetary policy rate (MPR) saying it marks progress in the country’s efforts to contain inflation and support a more market-determined exchange rate.
The ratings giant made these known in a statement titled “Nigeria Policy Tightening Is a Step Towards Addressing Economic Challenges” released on Tuesday.
