A Senior lecturer from the department of economic in the University of Port Harcourt Doctor PETER MEDEE has faulted the hike in the interest rate.
Speaking in an interview with correspondent CHINEDU IWUNNA, MEDEE said the CBN would have tolerated a bit of the inflation and focus on fighting the unemployment rate.
Meanwhile; the Director of the Monetary Policy Department in the Central Bank of Nigeria MOSES TULE said the CBN preferred to fight inflation in order not to erode the purchasing power of Nigerians.
However, Doctor PETER MEDEE believes that fighting unemployment now will result to the creation of jobs and demand for labour which according to him will increase supply and subsequently reduce inflation.
On his part, a Public Affairs Analyst BORVE PAAGO called on the federal government to convene emergency economic summits that will proffer a lasting solution to the economic challenges.
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