{"id":152199,"date":"2025-02-21T22:24:06","date_gmt":"2025-02-21T21:24:06","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cppe-makes-fresh-demand-from-cbn-after-interest-pause"},"modified":"2025-02-21T22:24:06","modified_gmt":"2025-02-21T21:24:06","slug":"cppe-makes-fresh-demand-from-cbn-after-interest-pause","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cppe-makes-fresh-demand-from-cbn-after-interest-pause","title":{"rendered":"CPPE makes fresh demand from CBN after interest pause"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Centre for the Promotion of Private Enterprise, CPPE, has urged the Central Bank of Nigeria (CBN) to reduce interest rates going forward after the apex bank retained the Monetary Policy Rate (MPR) at 27.50 percent.<\/p>\n<p>This comes as CPPE backed the Monetary Policy Committee, MPC, of the CBN for pausing rate hikes on Thursday.<\/p>\n<p>According to NAN, Muda Yusuf, the Chief Executive Officer of CPPE, disclosed this in an interview on Friday.<\/p>\n<p>Yusuf said that the CBN\u2019s decision to pause rate hikes aligned with the centre\u2019s expectations and those of investors.<\/p>\n<p>\u201cThis is within the context of the fact that, given the recently rebased inflation rate computation, we have seen a decline in inflation to 24.48 percent, which is currently less than the monetary policy rate.<\/p>\n<p>\u201cSo, I think it makes sense to retain the rates so that we don\u2019t further exacerbate the pressure of interest rates on businesses and other citizens with exposure to banks.<\/p>\n<p>\u201cBut going forward, I think we should begin to see a moderation in the rates; we should now begin to see a relaxation of these tightening measures.<\/p>\n<p>\u201cSo, within that context, we expect that the CBN will relax some of these rates by the next MPC meeting,\u201d he said.<\/p>\n<p>He, however, expressed concern that the Cash Reserve Ratio (CRR) at 50 percent is the highest globally.<\/p>\n<p>\u201cI don\u2019t think we should continue on that trajectory. There is no justification for it. Our economic or macroeconomic situation is not so dire as to warrant such an outrageous level of CRR.<\/p>\n<p>\u201cThe closest to Nigeria\u2019s CRR of 50 percent is Turkey\u2019s, which is just 25 percent. Going forward, I think the CRR needs to be reduced,\u201d Yusuf noted.<\/p>\n<p>He also observed that the asymmetric corridor of +500\/-100 basis points is too wide, stating, \u201cIf the MPR is already at 27.5, an asymmetric corridor at +500 basis points is not healthy.<\/p>\n<p>\u201cGoing forward, I think these are things that we need to review because if we continue on this trajectory, we will be practically disconnecting the financial system from the real economy.<\/p>\n<p>\u201cAnd this will have a very serious impact on economic growth,\u201d Yusuf added.<\/p>\n<p>Recall that the CBN\u2019s Monetary Policy Committee, after its 299th meeting, retained the interest rate at 27.50 percent and the asymmetric corridor around the MPR at +500\/-100 basis points.<\/p>\n<p>The apex bank also retained the CRR of Deposit Money Banks (DMBs) at 50 percent, Merchant Banks at 16 percent, and the Liquidity Ratio at 30 percent.<\/p>\n<p>Three days ago, the National Bureau of Statistics announced that Nigeria\u2019s inflation dropped to 24.48 percent after the Consumer Price Index (CPI) rebasing.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Centre for the Promotion of Private Enterprise, CPPE, has urged the Central Bank of Nigeria (CBN) to reduce interest rates going forward after the apex bank retained the Monetary Policy Rate (MPR) at 27.50 percent. This comes as CPPE backed the Monetary Policy Committee, MPC, of the CBN for pausing rate [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":152198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,10783,254],"class_list":["post-152199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-cppe","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CPPE makes fresh demand from CBN after interest pause - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cppe-makes-fresh-demand-from-cbn-after-interest-pause\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CPPE makes fresh demand from CBN after interest pause\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. The Centre for the Promotion of Private Enterprise, CPPE, has urged the Central Bank of Nigeria (CBN) to reduce interest rates going forward after the apex bank retained the Monetary Policy Rate (MPR) at 27.50 percent. 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