President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye and the President of the Association of Small Business Owners of Nigeria, Femi Egbesola in separate statements on Tuesday said the CBN interest rate to 27.25 percent would impact heavily on the growth of businesses and investments in Nigeria.
However, Dele Oye faulted the decision to hike the Monetary Policy Rate, MPR. According to him, the rate hike would worsen the burden on businesses already grappling with the negative impact of foreign fluctuations and inflation. He said, “This decision burdens businesses with higher loan costs, exacerbating their struggles and failing to curb inflation or stabilize the naira', he said.
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