CPPE backs CBN's move to hold policy rates - Businessday NG

Muda Yusuf, chief executive officer, of the Centre for the Promotion of Private Enterprise

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The Centre for the Promotion of Private Enterprise (CPPE) has backed the Central Bank of Nigeria’s (CBN) decision to hold all key monetary policy parameters at the 305th meeting of the Monetary Policy Committee [MPC], stating that the decision reflects a pragmatic, measured and increasingly understanding of the inflation dynamics currently confronting the Nigerian economy.

The MPC had retained the Monetary Policy Rate [MPR] at 26.5 percent, maintained the asymmetric corridor around the MPR, retained the Cash Reserve Ratio [CRR] at 15 percent for merchant banks, 45 percent for deposit money banks and 75 percent for non-TSA deposits.

Muda Yusuf, Chief Executive Officer, CPPE, in a policy brief on Wednesday said that at time of heightened global uncertainty and mounting geopolitical tensions, the decision of the MPC sends a powerful signal of policy maturity, strategic restraint and confidence in the direction of macroeconomic management.