Nigeria, May 17 -- The Centre for the Promotion of Private Enterprise (CPPE) has warned the Central Bank of Nigeria (CBN) against excessive monetary tightening ahead of the 305th meeting of the Monetary Policy Committee (MPC).

The group cautioned that higher interest rates could weaken economic growth, private-sector investment, industrial productivity, and employment.

The warning came in a statement signed by the Chief Executive Officer of CPPE, Muda Yusuf, on Sunday.

At the February MPC meeting, the committee reduced the borrowing rate by 50 basis points to 26.5 per cent, and scheduled the 305th meeting for 19 and 20 May.

CPPE said expectations ahead of the MPC meeting should be viewed in the context of growing domestic macroeconomi...