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CBN Reduces Monetary Policy Rate To 13.5 Percent

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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.

Read Also: X-raying Buhari’s Policy Direction By Olusegun Hakeem-Adebumiti

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.

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