MPR Cut To 23%: Business Stakeholders Demand Lower Lending Rates

Business stakeholders have described the reduction of the Monetary Policy Rate to 23 percent by the Monetary Policy Committee as a positive development, while insisting that the expected next step must be a transition to lower lending rates. The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said the move signals a positive disposition by the Central Bank of Nigeria to ease pressure on the real sector. He maintained that the expected next step is lending rate reduction, noting that the interest rate an average manufacturer will pay when approaching the bank remains the elephant in the room.

Read More