Table water producers laud CBN on MPR retention

By Ige Adekunle

The Association of  Table Water Producers of Nigeria (ATWPN),Ogun ,on Friday commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for retaining the Monetary Policy Rate at 27.50 per cent.

Mr Babatunde Lawal, Chairman of the Association,gave the commentation in  an interview with the News Agency of Nigeria (NAN) in Ota,Ogun.

“This development has encouraged deposits and investments in naira, in bonds, treasury bills and money market funds.

“In addition,forex  supply has also increased, thus strengthening the Naira against the dollar.”he said

The ATWPN Chairman, however, appealed to  CBN  to lower the cost of borrowing to make it attractive to the manufacturing sector.

Lawal decried that the cost of borrowing to manufacturers was still high ,adding  inflation rate of 24.48 per cent was also high.

He projected that with the CBN’s further mopping up of currency in circulation in addition to other monetary policies, the MPR would drop further.

NAN recalls that the MPC at its 299th meeting, retained the MPR at 27.50 per cent and the asymmetric corridor at +500/-100 basis points.

The apex bank also retained the CRR of Deposit Money Banks (DMBs) at 50 per cent, Merchant Banks at 16 per cent, and the Liquidity Ratio at 30 per cent. (NAN)