NECA DG said the modest rate cut must translate into real economic benefits for households and businesses across Nigeria to have a meaningful impact.
Mr Cardoso said the committee was unanimous in recognising that much more was required to actualise the price stability mandate of the CBN.
The MPC meeting was the first under Olayemi Cardoso, CBN governor since he came on board in September 2023.
The financial experts said the increase can lead to a prolonged downturn in economic activities.
MPR is the baseline interest rate in an economy from where every other interest rate used within the economy derives.
The All-Share Index (ASI), which opened at 51,949.64 rose by 641.77 points.
The apex bank’s Monetary Policy Committee, however, retained all other parameters.
An analysis of the price movement table indicates that 17 stocks posted price depreciation, relative to 12 gainers.
“It was either we aggressively address the high inflationary pressure or continue to pursue measures aimed at supporting recovery.”
