The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has expressed concerns over decision by the Central Bank of Nigeria (CBN) to increase the monetary policy rate to 27.25 percent.
Dele Kelvin Oye, the National President of NACCIMA, said the decision burdens businesses with higher loan costs, exacerbating their struggles and failing to curb inflation or stabilize the naira.
“As President of NACCIMA, I express concern over the CBN’s recent monetary policy rate hike to 27.25%. This decision burdens businesses with higher loan costs, exacerbating their struggles and failing to curb inflation or stabilise the naira.
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“We urge the CBN to engage with stakeholders for a collaborative approach, considering alternatives like targeted sector support, deficit reduction, and promoting local production.
“A reassessment of strategies is essential to ensure effective economic management and sustainable growth in Nigeria. Dialogue and innovative solutions are crucial for repositioning our economy.”
He further noted, “The increase is 50bps. It is not a material change. The narrative is actually the trend upwards.
“This is a confirmation that the previous high interest rate has not worked.”
