The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye Esq., has said while the Central Bank of Nigeria’s (CBN) retention of 27.5 per cent of the Monetary Policy Rate (MPR) is disappointing for industry players, it is a logical response to the prevailing conditions of liquidity management and the bank’s current net borrowing status.

In a statement in response of CBN’s orthodox monetary policy shift, Oye, who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), noted that the repercussions of the policy, particularly in the form of elevated interest rates, inhibited the industry’s ability to secure loans at single-digit rates that are essential for sustainable growth and the alleviation of poverty.

According to him, “the Central Bank of Nigeria’s (CBN) transition back to orthodox monetary policy marks a significant moment in our economic landscape.

While the persistence of the Monetary Policy Rate (MPR) at 27.5 per cent is disappointing for industry players (Nigerian Private), it is a logical response to the prevailing conditions of liquidity management and the bank’s current net borrowing status.

“The CBN’s recent financial disclosures reveal a complex interplay of modest gains in reserve buffers and a troubling escalation in liquidity management costs. The resurgence of orthodox monetary policies signifies an intention to restore market discipline and enhance the credibility of monetary interventions.