By Ngozi Akubulu
Governor, Central Bank of Nigeria, CBN, Dr Godwin Emefiele has revealed that the recent economy downturn in the country is as a result of some of the global issues around the world.
He revealed this today at the 290th Meeting of the Monetary Policy Committee, MPC, at the CBN Headquarters, Abuja.
He said, “The issue is the risk of the global financial contagion from the recent Bank failure in the United States of Switzerland, the war between Russia and Ukraine and the aftermath of the Covid- 19 in China.
“The deteriorating relationships between the US, China, Russia and some other top producers in the Middle East continue to contribute to the least productivity in the oil market.”
Also, in a bid to control the issue of inflation as part of efforts to ensure the stability of the naira in the Economy, MPC has raised Interest rate to 18%.