The Association of Table Water Producers of Nigeria (ATWPN), Ogun, on Friday, commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for retaining the monetary policy rate at 27.50 percent.
Mr Babatunde Lawal, Chairman of the Association, gave the commendation in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.
He noted that MPR at 27.50 had stabilised the economy in the last three months.
“This development has encouraged deposits and investments in naira, in bonds, treasury bills and money market funds.
“In addition, forex supply has also increased, thus strengthening the Naira against the dollar,” he said
The ATWPN Chairman, however, appealed to CBN to lower the cost of borrowing to make it attractive to the manufacturing sector.
Lawal decried that the cost of borrowing to manufacturers was still high, adding inflation rate of 24.48 percent was also high.
He projected that with the CBN’s further mopping up of currency in circulation in addition to other monetary policies, the MPR would drop further.
NAN recalls that the MPC at its 299th meeting, retained the MPR at 27.50 percent and the asymmetric corridor at +500/-100 basis points.
The apex bank also retained the CRR of Deposit Money Banks (DMBs) at 50 percent, merchant banks at 16 percent, and the liquidity ratio at 30 percent.
