The Central Bank of Nigeria (CBN) on Tuesday reduced its Monetary Policy Rate (MPR) from 14.0 per cent to 13.5 percent.
The Governor of the apex bank, Mr. Godwin Emefiele, gave this hint while briefing journalists on the key decisions reached at the end of the two-day 226th Monetary Policy Committee’s (MPC’s) meeting held in Abuja.
He explained that the decision to revise downward the MPR was informed by the need to stimulate growth in various sectors of the economy.
Emefiele, who said that the committee decided to retain the Cash Reserves Ratio at 22.5 percent, disclosed that six out of the 11 members that attended the meeting agreed on the downward review of the MPR
The MPC also retained the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.
