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CPPE has urged the Central Bank of Nigeria (CBN) to lower future interest rates.
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This comes after CBN kept the monetary policy rate (MPR) at 27.50%, CPPE said the decision was consistent with their expectations and investors’ expectations.
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CPPE CEO Muda Yusuf expressed concerns that the cash reserve ratio (CRR) is too high, at 50%, and the asymmetric corridor is too wide.
The Centre for Private Enterprise Promotion (CPPE) has urged the Central Bank of Nigeria (CBN) to lower future interest rates.
This comes after CBN kept the monetary policy rate (MPR) at 27.50%, CPPE said the decision was consistent with their expectations and investors’ expectations.
“This is under the following circumstances, given the recent resuming inflation calculation, our inflation rate has dropped to 24.48%, which is currently below the monetary policy speed,” said Muda Yusuf, CEO of CPPE.
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Yusuf pointed out that retaining interest rates makes sense and can avoid increasing pressure on businesses and citizens.
Also Read: Fuel Subsidy Removal Will Earn Nigeria N6TRN Every Year – CPPE
However, Yousof said the focus on the cash reserve ratio (CRR) was too high, indicating 50%, noting: “I don’t think we should continue this trajectory.
There is no reason. Our economic or macroeconomic situation is not so terrible that it guarantees such a cruel CRR level. ”
He also observed that the asymmetric corridor at +500/-100 basis points is too wide, he said: “If the MPR is already at 27.5, the asymmetric corridor at +500 basis points is unhealthy. Transparent
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