• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Raising Interest Rates Is Unidirectional, To Affect Businesses Negatively– NACCIMA

by Olushola Bello
3 years ago
in Business
naccima
Share on WhatsAppShare on FacebookShare on XTelegram

RELATED

NASENI Unveils New Solar-powered Products, Laptop, Others

‘Nigeria First Policy To Enhance Patronage of Local Tech, Products’

2 minutes ago
UACN Reports N110.4bn Revenue As Consumer Demand Surges

UACN Reports Revenue Of N110.4bn As Consumer Demand Surges

3 minutes ago

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has disagreed with the raising of interest rate as the move in an unexpected, non-supposing time and one directional.
On NACCIMA position on the rising interest rate, its director-general, Mr Olusola Obadimu said the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate from 14 per cent to 15.5 per cent is the third move by the central bank in 2022 in response to the continuous increase in inflation rate.
He said this approval reflects the resolve of the MPC of the CBN to stem the rising rate of inflation. Nonetheless, this should have been accomplished in close cooperation with the Organised Private Sector (OPS).
He explained that the persistent increase in interest rates may not be sufficient to reduce the inflation rate, saying “we feel that this is primarily a strategy to manage inflation and does not address the underlying cause of inflation, which is rising food costs caused by several variables, including the devaluation of the naira and the cost of energy, which has impacted production and transportation.
“To attain low inflation rates, the government must assure monetary stability, a continuous electricity supply, and security to promote inclusive economic growth.
“While we suspected that the government believed that the country’s inflation could be controlled by a one-directional review, we as the organised private sector feel that the country’s pressing inflationary condition is the result of multiple factors.
“Relying just on monetary policy to restrain its unabated growth may be ineffective as opposed to producing the desired outcome. The ramifications of the increase in the interest rate would negate the proliferation of ease of doing business, the impact of which most businesses are still uncertain about,” Obadimu noted.

Advertisement

We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Alleged Bribery: Surrender Yourself To EFCC Now, CUPP Tells Ayu

Next Post

Equities Market Falters As ASI Down N112bn

Olushola Bello

Olushola Bello

You May Like

NASENI Unveils New Solar-powered Products, Laptop, Others
Business

‘Nigeria First Policy To Enhance Patronage of Local Tech, Products’

2025/08/05
UACN Reports N110.4bn Revenue As Consumer Demand Surges
Business

UACN Reports Revenue Of N110.4bn As Consumer Demand Surges

2025/08/05
Afreximbank Confirms Release Of $3.175bn Syndicated Credit To Nigeria
Business

Afreximbank Leads $4bn Syndicated Financing For Dangote

2025/08/05
CBN Warns Against Counterfeit Banknotes, Urges Vigilance, Electronic Transactions
Business

Banks’ Deposits With CBN Rise By 64.5% To N10.9trn In July

2025/08/05
$25bn Nigeria-Morocco Gas Pipeline Project Advances Into Northern Section
Business

$25bn Nigeria-Morocco Gas Pipeline Nears Construction Phase

2025/08/05
Nigeria
Business

‘Nigeria’s GDP To Hit $450bn By Year-end Driven By Improved Productivity’

2025/08/05
Leadership Conference advertisement

LATEST

Keyamo, Rewane, Others To Discuss Aviation Financing At LAAC Conference

‘Nigeria First Policy To Enhance Patronage of Local Tech, Products’

2027: ‘I’m Not Desperate’, Peter Obi Defends One-term Pledge

UACN Reports Revenue Of N110.4bn As Consumer Demand Surges

Afreximbank Leads $4bn Syndicated Financing For Dangote

Banks’ Deposits With CBN Rise By 64.5% To N10.9trn In July

$25bn Nigeria-Morocco Gas Pipeline Nears Construction Phase

‘Nigeria’s GDP To Hit $450bn By Year-end Driven By Improved Productivity’

Yobe Plans Grand Reception For Global English Champion Nafisa

We Are Here To Fix VON As True Instrument Of National Power – DG Ndace

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.