11.5% MPR: Emefiele explains factors surrounding rate cut, others

MPC retains MPR at 11.5%

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has explained factors that led to 100 basis points reduction in lending rate and other decisions taken at its last Monetary Policy Committee (MPC) meeting that ended on Tuesday. At the end of the 2-day meeting, the Committee had reduced the monetary policy rate (MPR) by 100 basis points from initial 12.5 per cent to 11.5 per cent and adjusted the asymmetric corridor to +100/-700 around the MPR. According to Emefiele, the Committee reviewed the choices before it, bearing in…

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