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CBN Reduces Monetary Policy Rate To 12.5%

The Central Bank of Nigeria has reduced its Monetary Policy Rate (MPR), to 12.5 per cent.

MPR is the instrument used by the Central Bank of Nigeria through the MPC to control interest/ lending rates

This is the seconding MPC meeting in a row that will be held under COVID-19 protocols. While delivering the communique, CBN Governor, Godwin Emefiele said other monetary policy parameters remained unchanged.

Emefiele said the MPC resolved to retain the Liquidity Ratio at 30 per cent, Cash Reserve Requirement (CRR) at 27.5 per cent and the asymmetric corridor at +200/-500 basis points around the MPR.

READ ALSO: CBN Pledges Grants, Long Term Facilities For COVID-19 Vaccine Researchers

A few weeks back Asiwaju Bola Ahmed Tinubu had called on the CBN to reduce interest rates so that investors and manufacturers can access fund at a cheaper rate.

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