Professor Sheriffdeen Tella, a Senior Economist at Olabisi Onabanjo University, Ago-Iwoye, Ogun, has said that the marginal reduction in the lending rate to 13.5 per cent was too low to impact the economy.
Tella in an interview advised that CBN should look for a more proactive way to turn the economy around.
CBN rose from its Monetary Policy Committee (MPC) meeting reducing the Monetary Policy Rate (MPR) from I4 percent to 13.5 percent, while maintaining other monetary policy parameters.
The apex bank had held the MPR unchanged for two years.
Tella, however, urged the CBN to create incentives for expansion in the economy