Economy
A Financial Analyst, Dr Samuel Nzekwe, has advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to make little adjustment in the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) of Deposit Money Banks.
Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice while speaking with the News Agency of Nigeria (NAN) in Ota, Ogun on Sunday.
He spoke against the backdrop of his expectation on the forthcoming two-day MPC meeting, which would kick off on Monday.
NAN reports that the MPC will be holding its two-day meeting, in Abuja on Monday and Tuesday to deliberate on the key monetary instruments.
The ex-ANAN boss stressed the need for MPC of the apex bank to do a little adjustment in the CRR of the Deposit Money Banks.
Nzekwe noted that the MPC also needed to look at the interest rate of banks to attract new investors into the banking sector.
“MPR is one of the economic tools to reduce inflation rate but unfortunately this measure has not been able to stem the nation’s inflationary trend.” he said.
He said that reducing MPR for Money Deposit Banks would create more business activities and boost the economic growth of the country. (NAN)
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– July 24, 2023 @ 06:32 GMT |
Tags: DR Samuel Nzekwe
