The investment firm in its 2023 consumer outlook survey stated that the policies have impacted negatively on foreign portfolio investment and Foreign Direct Investment , which are currently at the lowest level in more than half a decade.
“We recommend that the CBN rethink its strategy around the anchoring of inflation expectations – the reasons for another interest rate hike. If the overall theme is to tame monetary-induced inflation, financing conditions should reflect the same. However, the treasury bills rate has remained well below both the MPR and inflation rate).
Also, the firm noted that because the cost of obtaining cash, as well as electronic fees, have fed into the price of food and services in the economy with disruption to manufacturing and some other real sector activities while worsening the supply-side challenges, the high inflation rate debacle would continue to linger as long the CBN continues to prioritise fiscal expansion goals.
Source: Financial Digest (financialdigest.net)
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