CBN’s Decision To Raise Benchmark Lending Rate To 22.75% ‘An Overkill’ For Nigeria’s Economy— Uwaleke

Nigeria’s first Professor of Capital Market Studies, Uche Uwaleke on Tuesday described the decision of the Central Bank of Nigeria to raise the benchmark lending rate by 400 basis point to 22.75 per cent as “an overkill.”

Uwaleke who said this in his reactions to the CBN decision, stated that it was dangerous to raise the Monetary Policy Rate by more than 200 basis points since the Monetary Policy Committee has another opportunity to meet next month and review impact.

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