The Centre for The Promotion of Private Enterprise [CPPE] has warned that the decisions taken by the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) would hurt the economy.
The CBN Governor, Olayemi Cardoso, held earlier on Tuesday in Abuja, announced the committee’s decision to further raise the Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25% to tighten the inflation rate which stands at 32.15%.
However, in a statement sent to Ripples Nigeria the same day, the CPPE Chief Executive, Mr. Muda Yusuf, lamented that while other investors in the economy are craving for a breath of fresh air, the CBN chose to tighten the noose on them by resorting to a tight monetary policy.
