THE Central Bank of Nigeria (CBN) has cut the Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent, an indication of a reduction in the cost of funds by 100 basis points.
The CBN Governor, Mr. Godwin Emefiele, disclosed this while presenting the decisions of the Monetary Policy Committee, MPC, after its two-day meeting in Abuja yesterday.
However, the Committee retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent, respectively
Reasons
Explaining the reasons for the cut, Emefiele said: “After the consideration of the three policy options, members were of the opinion that the option to loose will complement the Bank’s commitment to sustain the trajectory of the economic recovery and reduce the negative impact of COVID-19.
https://www.vanguardngr.com/2020/09/cbn ... e-to-11-5/
CBN to reduce monetary rate to 11.5%
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