The Central Bank of Nigeria on Thursday reduced its monetary policy rate to 12.5 percent as part of efforts to combat the economic effects of the coronavirus pandemic. The previous rate was 13.50 percent.
- The cash reserve ratio held at 27.50%.
- The asymmetric corridor is retained at +200bps and -500bps around the MPR.
- The Liquidity Ratio is retained at 30.00%.
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.