• June 19, 2021

CBN Cuts Monetary Policy Rate From 12.5% To 11.5%

By Lucky Uwakina (AGENDAWATCHDOG) The Central Bank of Nigeria has announced the reduction of the Monetary Policy Rate from 12.5 per cent to 11.5 per cent, while the Cash Reserve Ratio will be retained at 27.5 per cent and the liquidity ratio at 30 per cent.

Godwin Emefiele, the Central Bank Governor disclosed this development on Tuesday, while presenting a communiqué, following a two-day Monetary Policy Committee Meeting in Abuja.

The CBN Czar said that reducing the MPR was a strategy to prevent deposit money banks from increasing the cost of credit in order for the cheaper credit to improve demand, stimulate production, reduce unemployment and support the recovery of output growth.

Agenda Watchdog

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