Peter Obi Sends POWERFUL Warning To CBN Over 22. 75% Interest Rate; SEE What They Must Do Immediately
Labour Party’s Presidential Candidate, Peter Obi, has vehemently criticized the recent move by the Monetary Policy Committee (MPC) to raise both the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%. Obi, a prominent figure in the political landscape, expressed deep concern over the potential ramificatir X of such a decision on the nation’ economy.
In a statement issued shortly after the MPC’s announcement, Obi highlighted the adverse effects that such a drastic Increase in the MPR and CRR could have on businesses, especially small and medium-sized enterprises (SMEs). He argued that the move would significantly raise borrowing costs for businesses, thereby stifling investment and hindering economic growth.
Furthermore, Obi cautioned against the potential inflationary pressures that could arise as a result of the hike in the MPR and CRR. He warned that the increased cost of borrowing could lead to higher prices for goods and services, ultimately impacting consumers’ purchasing power and exacerbating Inflationary trends.
Obi also criticized the timing of the MPC’ s decision, noting that it comes at a time when the economy is already grappling with numerous challenges, including sluggish growth, high unemployment rates, and a volatile global economic environment. He stressed the Importance of implementing policies that support economic recovery and job creation, rather than measures that could further dampen economic activity.
Additionally, Obi called for greater transparency and accountability in the decision-making process of the MPC, urging the committee to consult with relevant stakeholders and consider the broader implications of its actions on the economy.
In conclusion, Peter Obi’ s condemnation of the MPC’s decision reflects growing concerns among policymakers and economists about the direction of monetary policy in the country. As the
nation grapples with economic uncertainties, there is a pressing need for policymakers to adopt measures that promote sustainable growth and development while safeguarding the interests of businesses and consumers alike.
(NIGERIA NEWS)
