By Muhammad Mamman
The Nigeria Employers’ Consultative Association (NECA) has applauded the Central Bank of Nigeria’s decision to cut the Monetary Policy Rate (MPR) by 50 basis points to 27 percent, calling it a welcome move amid easing inflation.
NECA Director-General, Adewale-Smatt Oyerinde, noted that inflation had declined for five consecutive months, dropping to 20.12 percent in August from 21.88 percent in July, according to the National Bureau of Statistics (NBS).
He stressed that while the rate cut was encouraging, the real impact would only be felt if credit costs fall enough to boost business investment, job creation, and household relief.
Oyerinde cautioned that high cash reserve requirements (CRR) and liquidity constraints could blunt the gains, adding that food inflation at 21.87 percent continues to weigh heavily on Nigerians.
“Macroeconomic stability will only have meaning when citizens feel tangible relief in food and living costs,” he said.
