They said the intervention would stimulate economic growth, promote enterprise development and strengthen the state’s economy.
He said higher interest rates would increase the cost of capital, reduce manufacturing competitiveness, and suppress SME growth.
He noted that while wage increases are necessary, they are not sufficient to improve workers’ welfare.
Mr Yusuf said Nigeria needed a sustainable balance between affordable food for consumers and protected incomes for farmers and investors.
The CPPE boss said that with sustained reforms and improved security, 2026 could witness more robust growth and better living standards.
They stated that the move would put Nigeria on the path to achieving full self-sufficiency in petroleum products, conserve foreign exchange, and improve fuel affordability.
The CPPE called on the CBN to adopt a uniform rate to create certainty in the trade sector.
“We commend the CBN for giving a timeline of 24 months for banks to comply,” he said.
The CPPE boss said every economy deserved a stable and virile banking system.
“The current customs duty exchange rate of N1488.9 per dollar is still too high in the context of the current galloping inflation and difficulties facing businesses and the citizens.”
