Over 65% Of Businesses Demand Interest Rate Cut From CBN

Most Nigerian businesses want the Central Bank of Nigeria to slash its monetary policy rate from the current level, according to a document obtained by THE WHISTLER.

This was contained in CBN’s inflation expectation survey.

The report said, “65.1 per cent of respondents want CBN to reduce the interest rate.”

According to the survey, 20.3 per cent of the businesses are soliciting for the apex bank to hold the rates.

Meanwhile, another 14.6 per cent are seeking the CBN to hike interest rate due to inflation.

During the first Monetary Policy Committee meeting of the CBN, the apex bank governor, Olayemi Cardoso announced that the committee retained the MPR at 27.50 per cent for the first time in more than two years.

“With satisfaction, recent macroeconomic developments are expected to positively impact price dynamics in the near to medium term. These include the stability in the foreign exchange market with the resultant appreciation of the exchange rate and the gradual moderation in the price of Premium Motor Spirit (PMS),” said Cardoso.

Nigeria’s inflation moderated in January 2025 to 24.48 per cent from 34.80 per cent after the National Bureau of Statistics rebased the All Item Index.

The figure fell further to 23.18 per cent in February 2025.

According to the CBN inflation expectation report, more businesses in the country perceive inflation as moderating.

According to the survey, small businesses voted highest at 16.3 per cent that inflation rate is moderating, small and large businesses voted that inflation is moderating at 15 per cent and 12.4 per cent respectively.

“Respondents believe that energy cost, exchange rate, transportation cost, interest rate and insecurity influenced their perception,” the report added.

Over 65% Of Businesses Demand Interest Rate Cut From CBN is first published on The Whistler Newspaper