The Governor of the Central Bank of Nigeria,  Dr Olayemi Cardoso, has stated that it will soon be able to slow down increases in the benchmark interest rate. Cardoso said that on Saturday in Lagos at the launch of a book titled ‘The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players’, authored by Ray Echebiri. The CBN governor, represented by the CBN’s Deputy Governor of Financial Stability, Phillip Ikeazor, said that it was important to keep the rates up to curtail the risk of hyperinflation and its consequences. He said, “Once you do not tame and control inflation and you get into hyperinflation, it takes you several years to get out of it. There is still a South American country that still has significant oil reserves but they are in hyperinflation and I think everyone is aware of what is happening in that economy. We have another country in East Africa which is also in hyperinflation. We know how hard they are struggling to get out of ththat.