Nigeria, Sept. 24 -- The Centre for the Promotion of Private Enterprise (CPPE) has praised the Central Bank of Nigeria's decision to ease credit conditions, describing it as a timely shift towards growth after an extended period of tight monetary policy.

On Tuesday, the Monetary Policy Committee (MPC) reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.5 per cent to 27 per cent. The committee also lowered the Cash Reserve Ratio (CRR) for commercial banks from 50 to 45 per cent, while keeping the CRR for merchant banks at 16 per cent and retaining the liquidity ratio at 30 per cent. The asymmetric corridor around the policy rate was adjusted to +250/-250 basis points.

A notable new measure was the introduction of a 75 per c...