CPPE Pleads Central Bank To Halt Interest Rate Hike As MPC Meets Today

While the top bank’s Monetary Policy Committee (MPC) meets today, the Center for the Promotion of Private Enterprise (CPPE) has requested that the Central Bank of Nigeria (CBN) halt interest rate hikes.

In a Sunday interview in Lagos with the News Agency of Nigeria (NAN), Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), stressed the significance of this strategy.

Recognizing the Central Bank of Nigeria’s (CBN) efforts to stabilize the economy, Yusuf emphasized that the committee should strive to reduce the rise to a minimum.

He stated, “Knowing the disposition of the Central Bank of Nigeria, given the fact that the bank has repeatedly affirmed its commitment to taming inflation, there is a very high probability that the MPC is likely to hike interest rates, although it may be marginal.”

“My wish is that the central bank should put a hold on interest rate hikes for now. I believe that monetary policy instruments have been practically over-stretched in this quest to tame inflation.”