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Reading: CBN reduces MPR to 12.5% from 13.5%
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CBN reduces MPR to 12.5% from 13.5%

Farouk Mohammed
By Farouk Mohammed
Published: May 28, 2020
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1 Min Read
Godwin Emefiele
Governor of the CBN, Godwin Emefiele
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The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate to 12.5% from 13.5%.

CBN’s governor, Godwin Emefiele, made this announcement at the end of the committee’s meeting on Thursday.

The apex bank also retained its Cash Reserve Ratio (CRR) at 27.5 percent and liquidity ratio at 30 percent.

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.

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

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TAGGED:CBNCentral Bank of NigeriaMPR
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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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