The Centre for the Promotion of Private Enterprise, CPPE, has tackled the Central Bank of Nigeria's fifth interest rate hike amid economic hardship. The Executive Director of CPPE, Muda Yusuf, made this known in a statement on Tuesday in reaction to the CBN Monetary Policy Committee's latest interest rate hike.
The Centre for the Promotion of Private Enterprise, CPPE , has tackled the Central Bank of Nigeria 's fifth interest rate hike amid economic hardship. The Executive Director of CPPE , Muda Yusuf, made this known in a statement on Tuesday in reaction to the CBN Monetary Policy Committee's latest interest rate hike. This comes as the CBN 297th MPC meeting on Tuesday announced a fresh rate increase by 50 basis points to 27.25 percent in September 2024.
'The aviation, refining, textile, livestock and quarry and minerals sector were still in recession. Tightening financial conditions in the circumstances does not seem appropriate. 'The private sector should not be made to pay the price of liquidity growth which they were not responsible for. 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.
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