The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has on Tuesday announced that the Monetary Policy Rate (MPR), which determines interest rate, has been reduced from 12.5 per cent to 11.5 per cent.
The CBN Governor, Godwin Emefiele, divulged this at the end of its two-day meeting on Tuesday in Abuja while presenting a communiqué.
According to Emefiele, the committee retained the cash reserve ratio at 27.5 per cent and Liquidity Ratio at 30 per cent because it was of the opinion that the recent inflationary pressures are driven by structural policies not monetary policy.
Details shortly…
