MPC Cuts interest rate to 12.5%

Godwin Emefiele CBN Governor

The Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) on Thursday May 28, 2020, reduced the Monetary Policy Rate (MPR), to 12.5 per cent.

The MPR is the instrument used by the Central Bank of Nigeria through the MPC to control interest/ lending rates.

This is the second MPC meeting in row that will be held under COVID-19 protocols.

While delivering the communique, CBN Governor, Godwin Emefiele said other monetary policy parameters remained unchanged.

Emefiele said the MPC resolved to retain the Liquidity Ratio at 30 per cent, Cash Reserve Requirement (CRR) at 27.5 per cent and the asymmetric corridor at +200/-500 basis points around the MPR.

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