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    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

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CBN reduces MPC rate from 13.5% to 12.5% over Coronavirus

by Julius Afolalu
May 29, 2020
in Business, Headlines, National
Reading Time: 2 mins read
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CBN reduces MPC rate from 13.5% to 12.5% over Coronavirus
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The Central Bank of Nigeria has reduced its monetary policy rate from 13.50 percent to 12.5 percent as part of efforts to combat the economic effects of the coronavirus pandemic.

Meanwhile, The Bank retained its Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio (LR) at 30 percent.

The CBN Governor, Godwin Emefiele, announced the reduction during a Monetary Policy Council briefing on Thursday.

Lagos Today reports that the Bank deferred the meeting on Monday till today.

MPR is the interest rate at which CBN lends to the commercial banks and also the benchmark against which other lending rates in the economy are pegged.

A reduction in the MPR rate tends to make lending cheaper and helps to further stimulate the economy.

Seven members voted to cut the MPR by 100 basis points, while two members voted for a 150bps rate cut, with one member electing for a 200bps rate cut, the Governor said.

Emefiele added that the asymmetric corridor around the MPR will remain at +200/-500bps, while the Cash Reserves Ratio (CRR) at 27.5 percent and
Liquidity Ratio (LR) at 30 percent.

The Committee also considered developments in the global and domestic economy since its last meeting including, the negative impact of COVID-19 on global growth and the responses of global central banks’ to the COVID-19.

On the domestic front, the Committee noted that sustained inflationary pressure (April: +8bps to 12.34% y/y), and weaker but still positive output growth in Q1-2020, as well as a sustained decline in manufacturing PMI.

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