CBN Monetary Policy Committee reduce Monetary Policy Rate to 11.5%

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) in a surprise move has resolved to reduce the Monetary Policy Rate (MPR) by 100 basis points to 11.5 per cent from 12.5 per cent.

The MPR is the rate which the apex bank lends to commercial banks and often determines the cost of funds. This move by the CBN is expected to encourage more bank lending in order to stimulate economic activities.

Read more details at Thisdaylive.

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