Economy News

CBN Slashes MPR to 12.5%

The Central Bank of Nigeria (CBN) Thursday resolved to reduce the Monetary Policy Rate (MPR) otherwise known as interest rate by 100 basis points from 13.5 per cent to 12.5 per cent.

It however left other monetary instruments unchanged including the cash reserves ratio and liquidity ratio at 22.7 per cent and 30 per cent respectively.

Speaking after the two-day meeting of the Monetary Policy Committee (MPC), CBN Governor, Mr. Godwin Emefiele, also said the country is likely to escape another economic recession going by recent developments.

The MPC also urged the government to consider a phased reopening of the economy to restore livelihood especially to the vulnerable.

 

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