CBN reduces monetary policy rate to 13.5%

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate from 14 per cent to 13.5 per cent.

The CBN Governor, Mr. Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.

He explained that six out of the 11 members that attended the meeting agreed to reduce the current monetary policy stance.

He said while the MPR was reduced to 13.5 per cent, the committee decided to retain the Cash Reserves Ratio at 22.5 per cent.

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