Mixed reactions have trailed the Central Bank of Nigeria's cut of the Monetary Policy Rate (MPR) by three percentage points, from 26.5 per cent to 23 per cent. CBN Governor Olayemi Cardoso announced the new rate at the end of the 307th Monetary Policy Committee meeting in Abuja, describing it as resetting the rate to meet current financial market realities. However, the National President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, said the rate cut is insufficient to stimulate businesses and economic activities. Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, also commented on the development.
Related Articles
Don't miss out on breaking stories and in-depth articles.