CBN rate cut: Stakeholder says policy reflects market reality

The recent adjustment in the monetary policy rate of the Central Bank of Nigeria (CBN) represents a “reset” of monetary policy to prevailing market realities, the managing director/chief executive officer of Coleman Technical Industries Limited, George Onafowokan, has said.
Onafowokan said the market had already moved ahead of the previous 26.5 percent policy rate, with commercial banks offering loans at about 22 to 23 percent, making the latest adjustment a reflection of conditions already prevailing in the financial market.
Speaking on the development, the Coleman chief executive said the gap between the CBN’s benchmark rate and actual lending rates had become increasingly misaligne...