The Central Bank of Nigeria’s Monetary Policy Committee (MPC) on Tuesday slashed the benchmark Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent.
The decision was taken after a two-day Monetary Policy Committee Meeting in Abuja.
CBN Governor, Godwin Emefiele, disclosed the development while presenting a communique issued at the meeting.
However, the committee voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
Emefiele stressed that with the impact of the COVID-19 pandemic and external shocks on the country’s economy, the apex bank would continue with its aggressive development finance intervention in the real sector of the economy.
The slash of the MPR is expected to lead to a reduction in the cost of loans in the country.
More details later…
– Chukwuma Ogazie