Business

CBN increase of MPR to 22.75% will worsen the economy – Peter Obi  

Peter Obi, the presidential candidate for the Labour Party in the last general election, has expressed concern that raising the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to 22.75% and 45% respectively will adversely affect the economy. 


In a statement on Thursday, the former governor of Anambra State, said the sharp increase in MPR and CRR will result to job loss in the productive and manufacturing sector.  


Obi mentioned that the increase in rate is counterproductive, adding that the policy will not address money supply challenges in the country.