CPPE urges banks to lower lending rates after CBN’s 350bps cut

The Centre for the Promotion of Private Enterprise (CPPE) has called on Nigerian banks to reduce lending rates following the Central Bank of Nigeria's (CBN) 350-basis-point cut in the Monetary Policy Rate (MPR). The CPPE stated that the adjustment should translate into lower borrowing costs for businesses. The CBN's decision to cut the MPR was made in a recent policy meeting. The CPPE's appeal is aimed at ensuring that the benefits of the rate cut are passed on to businesses.

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