CBN’s 27.25% new interest rate detrimental to investment, economic growth — Experts

inflation or stabilize the naira.

“We urge the CBN to engage with stakeholders for a collaborative approach, considering alternatives like targeted sector support, deficit reduction, and promoting local production.

“A reassessment of strategies is essential to ensure effective economic management and sustainable growth in Nigeria. Dialogue and innovative solutions are crucial for repositioning our economy,” he stated.

Prof Uwaleke
Reacting to the increase in MPR , Prof Uche Uwaleke, President, the Association of Capital Market Academics of Nigeria, ACMAN, said: “My take on the recent hike in MPR is that in matters like this, the CBN usually has information that may not be at the disposal of the public.

“I want to believe the members of MPC mean well for the economy and have taken the decision to further tighten monetary policy based on strong evidence of major threats to exchange rate and inflation.

“All said, the task of taming inflation must be jointly tackled by both the monetary and fiscal authorities.

“So, the government has to play its part by controlling recurrent spending and focusing on productivity including through ramping up assistance to small businesses.”

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