Economists Call for Further Interest Rate Cut by CBN for Economic Growth

Economists have urged the CBN to further reduce interest rates following a recent 50 basis point cut to 27%. Governor Olayemi Cardoso announced the rate adjustment during the 302nd MPC meeting in Abuja.

Renowned economist Uche Uwaleke emphasized the need for a more substantial rate cut to stimulate market activities and investment. The reduction in the Monetary Policy Rate was seen as a cautious move, with experts expecting a clearer signal on future interest rate trends.

The adjustment in the Cash Reserve Ratio was also noted as a positive step to support economic growth. Economists believe that a more significant rate cut would encourage market participation and boost economic recovery.