CBN must resist further monetary policy tightening – CPPE

The Centre for Pomotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to resist further monetary policy tightening, as inflationary pressures in the Nigerian economy are yet to abate.

According to the National Bureau of Statistics (NBS), headline inflation accelerated to 21.47 percent in November as against 21.09 percent in October. On a month-on-month basis, it increased to 1.39 percent in November as against 1.24 percent in October 2022.

Muda Yusuf, director, the CEO at CPPE, said sustained tightened policy penalises entrepreneurs, especially the real sector, as it increases cost of credit with heightened prospects of a backlash on growth.