It is very evident that Gov. Nasir El-Rufai lied in the lecture he used in attacking the CBN governor over the increase in MPR rate. Inflation rate in the UK, which he quoted to buttress his point just rose to 0.6% as shown below. Thats why they are able to give single digit interest loans.

Rising fuel prices helped to push the UK's inflation rate higher last month, according to official figures.

The annual inflation rate as measured by the Consumer Prices Index (CPI) rose to 0.6% in July from 0.5% in June, the Office for National Statistics said.

More expensive alcoholic drinks and hotel rooms also helped to increase the CPI rate, the ONS said.

The Retail Prices Index (RPI) measure of inflation rose to 1.9% in July from 1.6% in June.

July's RPI inflation rate sets the cap for how much regulated rail fares in England, Scotland and Wales can rise by next year.

Brexit's impact on the economy
Regulated rail fares to rise by 1.9%

Pricier imports

Separate figures from the ONS suggested that the fall in the value of the pound since the UK's referendum vote to leave the EU had increased the cost of imports for manufacturers.

Input prices faced by manufacturers rose 4.3% in the year to July, compared with a fall of 0.5% in the year to June.

The most dramatic rises came in the cost of imported food materials, which rose 10.2%, and the price of imported metals, which rose 12.4%.

In addition, the prices of finished goods leaving the factory gate were 0.3% higher than a year earlier, the first annual increase since June 2014.

"There is no obvious impact on today's consumer prices figures following the EU referendum result, though the Producer Prices Index (PPI) suggests the fall in the exchange rate is beginning to push up import price faced by manufacturers," said Mike Prestwood, head of prices at the ONS.

However, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the fall in sterling was "entirely responsible" for the rise in CPI inflation to the highest rate since November 2014.

Against the dollar, the pound is some 13% below its level in the run-up to the referendum and 10% lower against the euro.

"Sterling's depreciation ensured that pump prices rose by 0.7% month-to-month even though dollar oil prices declined," he said.

Workers' pay

"As a result, we continue to think that CPI inflation will hit 3% in the second half of 2017."

As prices for companies rise, the pressure to keep down costs may be bad for wages, according to Howard Archer, chief UK and european economist at IHS Global Insight.

He said: "Companies may well look to clamp down on workers' pay as they strive to save costs in a more difficult environment and as imported input prices are lifted by the weakened pound.

"Meanwhile, a likely softening labour market and reduced consumer confidence will dilute workers' ability and willingness to push for higher pay awards."

And even if inflation looks set to rise above the government's target of 2%, he believes the Bank of England is still likely to lower interest rates further to stimulate growth.

Mr Archer said he expected the Bank to take interest rates down to 0.10% in November from it current level of 0.25% and said: "It is notable that the MPC considered taking interest rates down to just above zero at their August meeting and that a majority of members thought there was a case to do so."

Source : http://www.bbc.com/news/business-37092745?ns_mchannel=social&ns_campaign=bbc_breaking&ns_source=twitter&ns_linkname=news_central

See El-Rufai's initial claim below

The Kaduna State governor, Nasir el-Rufai, on Wednesday decried the Central Bank’s prevailing fiscal regime, saying the bank’s 14 per cent monetary policy rate has led to massive job losses in the country.

Mr. El-Rufai said the CBN risked losing its power to set lending rates for commercial banks unless it immediately addressed the situation, adding that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere.

“We have a Central Bank that has an MPR at —what?— 14 per cent and banks lending at 20 percent. Only traders and drug dealers can make money at this interest rate.

“I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it,” Mr. El-Rufai said.

The governor’s comments were delivered at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja.

Mr. El-Rufai dismissed CBN’s perennial reasons for high interest rate, and used the “B” word to express his disgust.

“The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week.

“All these theories that the rate of interest must be above the rate of inflation is economic [expletive],” Mr. El-Rufai said.

“We must decide that businesses should be able to borrow at the rate interest that makes sense and politically lower rates to that level.”

The Women in Business roundtable attracted professionals from all walks of life and the participants used the platform to share viable ideas and express challenges faced in running a successful enterprise.

http://www.premiumtimesng.com/news/top-news/208409-el-rufai-attacks-cbn-says-bank-destroying-jobs.html

Don't waste your time bro. The midget is known to be a pathological liar. We know him, always spinning one yarn or the other to deceive his supporters n family members.

rexel99:
Don't waste your time bro. The midget is known to be a pathological liar. We know him, always spinning one yarn or the other to deceive his supporters n family members.

rexel99:
Don't waste your time bro. The midget is known to be a pathological liar. We know him, always spinning one yarn or the other to deceive his supporters n family members.

I believed him. Until I read this news today

Who among them has ever said the truth? None. Even the pastor in their midst lies as often as he eats breaths in air.

APC can never be tired of lying, this is becos their Zombies don't eat food but lies.

Once they stop the lies from coming, they will lose massive support from their Zombie Network.

I don't blame APC. Their Zombies gatz eat nah.

He didnt lie

He is just dull