LCCI, MAN, Others Hail CBN’s Major Rate Cut

The Lagos Chamber of Commerce and Industry (LCCI), Manufacturers Association of Nigeria (MAN), Association of Small Business Owners of Nigeria (ASBON), and economists have welcomed the Central Bank of Nigeria's decision to cut the Monetary Policy Rate (MPR) by 350 basis points, from 26.5 per cent to 23 per cent. They said the move could lower borrowing costs, improve access to credit, and stimulate production and investment. However, they stressed that the effectiveness of the decision depends on whether commercial banks transmit the reduction to their lending rates. The CBN Governor, Olayemi Cardoso, announced the decision at the conclusion of the 307th Monetary Policy Committee meeting.

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