The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has announced a reduction in the Monetary Policy Rate (MPR) from 12.5 percent to 11.5 percent.
This decision comes after a two-day Monetary Policy Committee Meeting in Abuja. With the reduction in the MPR which determines the interest rate, the implication is that the cost of getting loans will reduce.
The CBN governor also revealed that the committee voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
Details to follow.