LCCI demands cheaper loans after CBN cut

The Lagos Chamber of Commerce and Industry has called on banks to pass on the Central Bank of Nigeria's 350-basis-point reduction in the Monetary Policy Rate to businesses. The cut lowered the MPR to 23 per cent. LCCI Director-General Dr Chinyere Almona described the reduction as a positive development, especially for micro, small and medium enterprises facing high borrowing costs. She cautioned, however, that a lower policy rate would not automatically lead to cheaper lending or improved credit access, stressing that credit transmission must be the next priority.

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