CBN slashes interest rate, MPR, to 12.5%
Click here to read full article from source
Nigeria, May 28 -- The Monetary Policy Committee (MPC) of Central Bank of Nigeria on Thursday reduced the Monetary Policy Rate (MPR) to 12.5 per cent, from 13.5 per cent.
The MPR is the interest rate at which the central bank lends to commercial banks. It ultimately affects the rates at which individuals and businesses can source loans from commercial banks as such loan rates cannot be lower than the MPR.
The reduction was announced after the MPC meeting by the Governor of the Central Bank of Nigeria, Godwin Emefiele.
The MPR is the instrument used by the Central Bank of Nigeria to control interest/ lending rates.
While delivering the communique, Mr Emefiele said other monetary policy parameters remained unchanged.
He said the MPC re...
To read the full article or to get the complete feed from this publication, please Contact Us