CBN slashes monetary policy
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut down the Monetary Policy Rate (MPR) from 14 per cent to 13.50 per cent.
Disclosing this at a press conference marking the end of a two-day MPC meeting, in Abuja, on Tuesday, the CBN Governor, Mr Godwin Emefiele, said, this is the first time the MPR will be reduced by 50 basis points since July 2016.
Emefiele said that the cut in the MPR rates was to support the nation’s feeble economic growth at this time, but the MPC, still held all other key parameters unchanged.
The CBN governor added that the decision was aimed at reducing the rate of unemployment and diversifying the country’s economy.
