Manufacturers condemn harsh interest rate of 14%

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Textile Industry

The Manufacturers Association of Nigeria (MAN) Ogun Chapter, has condemned the retention of interest rate by the Monetary Policy Committee of CBN at 14 per cent.

The MAN Chairman, Mr Wale Adegbite, told the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun that such development was not good for the manufacturers as well as the economy.

Adegbite was reacting to the retention of the MPR at 14 per cent by the Committee on Tuesday in Abuja.

NAN reports that the monetary policy committee had, after a two-day meeting, retained the MPR, Cash Reserve Ratio at 22.5 per cent and Liquidity Ratio at 30 per cent.

The monetary policy rate had been retained since July 2016 for the fifth time in a bid to reduce inflation and stimulate economic growth in the country.

He said that higher interest rate from financial institutions in the country was killing the manufacturers…

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