In a statement, the National President of NACCIMA, Dele Kelvin Oye Esq., said the decision burdens businesses with higher loan costs, exacerbating their struggles and failing to curb inflation or stabilize the naira.
The statement reads: “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 stabilize the naira.
“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.”
“The increase is 50bps. It is not a material change. The narrative is actually the trend upwards,” Oye stressed.
“This is a confirmation that the previous high interest rate has not worked.”
