Experts have criticized the hike in interest rate, from 22.75 percent to 24.75 percent by the Central Bank of Nigeria

Experts have criticized the hike in interest rate, from 22.75 percent to 24.75 percent by the Central Bank of Nigeria,

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and the Nigerian Association of Small Scale Industrialists made made the criticism yesterday, saying it will further accelerate the country’s inflation and lead to massive job cuts across the country.

The duo explained that the increase in MPR would worsen the private sector’s ability to access affordable credit.

While they described the interest rate hike as a move that would come with unintended negative consequences, the Lagos Chamber of Commerce and Industry said the MPR hike was a price that businesses would have to pay, given the current state of the economy.