Members of the Monetary Policy Committee of the Central Bank of Nigeria have expressed worry over the exit of foreign portfolio investors from the country on the back of the rise in interest rates in the United States.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, said the recent tightening stance of the US Federal reserve, if not sufficiently mitigated, has significant implications for price and exchange rate stability in the country.
A member of MPC, Professor Adeola Adenikinju added that the rising interest rate in the US might lure portfolio investors away from emerging economies, especially Nigeria in a pre-election year.
The economy is bad to counrty