New Telegraph-Admin 
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed concerns over the recent hike of the country’s Monetary Policy Rate (MPR) from 22.75 per cent to 24.75 per cent by the Central Bank of Nigeria (CBN). It noted that the change would come with unintended negative consequences including higher inflation among others. In a statement in response to the MPR and Cash Reserve Ratio (CRR) increases by the CBN, the National President of NACCIMA, Dele Oye Esq., advised that the CBN’s policies should be recalibrated towards addressing the excess liquidity primarily stemming from the public sector borrowing habits and expenditure.
He listed some negative implications of the policies to include an increase in the cost of borrowing, restricted credit availability, pass-through effects on inflation, and stifling economic growth. According to him, “in the wake of the Central Bank of Nigeria’s recent decision to increase the Monetary Policy Rate (MPR) to 24.75 per cent and the Cash Reserve Ratio (CRR) to 45 per cent, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) wishes to express its perspective on the implications of these changes for the private sector and the broader Nigerian economy. “The NACCIMA, representing the collective voice of Nigerian businesses across commercial, industrial, and agricultural sectors, is deeply concerned by the Central Bank’s approach to curbing inflation and managing excess liquidity through broad-based policy tools that inadvertently impose constraints on the private sector’s ability to access affordable credit.
