Nigeria, Sept. 22 -- The Centre for the Promotion of Private Enterprise (CPPE) has welcomed the Central Bank of Nigeria's decision to cut the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent, saying the move could reduce financing costs, support investment, and stimulate economic growth.

The CBN announced on Tuesday a reduction in the benchmark interest rate, the MPR, from 26.5 per cent, following the conclusion of the 307th Monetary Policy Committee (MPC) meeting in Abuja.

In a policy brief signed by its Chief Executive Officer, Muda Yusuf, on Tuesday, CPPE described the adjustment as a significant shift from the prolonged restrictive monetary policy regime.

"The magnitude of the adjustment was largely unexpected and repr...