Monetary Policy Committee of the Central Bank of Nigeria (CBN) has decided by a vote of six members to adjust the Monetary Policy Rate (MPR) by 50 basis point – from 14% to 13.5%.
CBN Governor Godwin Emefiele said the develop with not trigger inflation or mouth pressure on the Naira.
The general expectation was that the bank would hold the rate at its previous rate of 14%. But Emefiele says the “rate cut is a signal that Nigeria is experiencing growth trajectory.”
The MPC last tempered with the MPR in July 2016, when it opted to raise it by 200 basis points to 14.0 percent.