Manufacturers knock CBN over interest rate increase to 18.5 per cent
Di Manufacturers Association of Nigeria don knock di Central Bank of Nigeria, CBN decision to increase di Monetary Policy Rate, also known as di interest rate, to 18.5 per cent amid rising inflation.
Segun Ajaji Kadir, di Director General of MAN disclose dis matter on Thursday inside statement.
Di Director of MAN yarn say di CBN must think outside di box to solve di kontri rising inflation.
Kadir follow tok say CBN approach to stop rising inflation through interest rate rise cause more wahala for di nation economy.
According toa, di increase in borrowing costs do discourage investment for di sector.
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He explain say di increase in interest go lead to high production costs, leading to higher commodity prices and inventory of unsold manufactured products.
Also, di increase go compound di imminent recession for di manufacturing sector and negatively impact of di operations in so many ways.
You fit go read di tori, Manufacturers knock CBN…READ MORE
