CPPE says the latest hike in interest rate by the Central Bank of Nigeria (CBN) is detrimental to investment and economic growth.
Rahmotullah LawalThe Centre for the Promotion of Private Enterprise says the latest hike in interest rate by the Central Bank of Nigeria is detrimental to investment and economic growth.
Olayemi Cardoso, CBN’s governor, announced the 50 basis points increase at a press conference on Tuesday after the committee’s 297th meeting in Abuja.CBN retained the asymmetric corridor at +500 and -100 basis points around the MPR, but increased the cash reserve ratio from 45 percent to 50 percent, while retaining the liquidity rate at 30 percent.
“It is quite troubling that at a time when manufacturers, entrepreneurs, and other investors in the economy are craving for a breath of fresh air, the CBN chose to tighten the noose on them by resorting to a further tightening of monetary policy,” he said.“The latest policy choice of the apex bank is at variance with the mood of most economic players and the desire to promote economic recovery and growth.
“Issues of excess liquidity should be addressed within a causative context. The injection of liquidity into the system is largely public sector-driven, as rightly noted by the CBN governor. Therefore, the focus of resolving it should be within that context.
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