CBN reduces monetary policy by 13.5%

The Central Bank of Nigeria, (CBN), Monetary Policy Committee has 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 Tuesday 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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Also retained are 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.