CBN Reduces Lending Rate To 12.5%

The Monetary Policy Committee of the Central Bank of Nigeria on Thursday reduced the Monetary Policy Rate to 12.5 per cent, The PUNCH reports.

The CBN Governor, Mr Godwin Emefiele, announced the decision of the Committee in Abuja, at the end of its virtual 273rd meeting.

The committee had retained the MPR at 13.5 per cent at the last MPC meeting in March.

It, however, retained the Cash Reserve Ratio and the liquidity ratio at 27.5 per cent and 30 per cent respectively.

Details later…