The Centre for the Promotion of Private Enterprise (CPPE) has recommended several measures that the Federal Government must urgently take to address the spiralling inflation facing the country.
The Director General of the think tank, Muda Yusuf was reacting to the outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Tuesday where he noted that the steps taken by the committee to raise the Monetary Policy Rate (MPR) from 18.75 per cent to 22.5 per cent and Cash Reserve Ratio (CRR) from 32.5 percent to 45 per would hurt the real sector of the economy which is already contending with numerous macroeconomic challenges.
Rather, Yusuf, in a statement obtained by Ripples Nigeria advised the government to as a matter of urgency in a bid to reverse the spiraling inflation address the security concerns causing disruption to agricultural activities, sustain reforms in the foreign exchange market to stabilize the exchange rate, reduce volatility and stimulate forex inflows.
