BEVERLY HILLS, May 28, (THEWILL) – The Central Bank of Nigeria (CBN) has reduced its monetary policy rate, MPR, to 12.5 percent as part of efforts to combat the economic effects of the coronavirus pandemic.
CBN Governor, Godwin Emefiele, announced the reduction during a Monetary Policy Council briefing on Thursday.
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.
The previous rate was 13.50 percent.
However, the bank retained its Cash Reserve Ratio (CRR) at 27.5 percent and liquidity ratio at 30 percent.