CBN Cuts Monetary Policy Rate to 11

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has slashed its benchmark monetary policy rate (MPR) to 11.5 per cent, from the 12.5 per cent it was previously.

CBN Governor, Mr. Godwin Emefiele, announced on Tuesday while briefing journalists in Abuja, on the outcome of the September 2020 MPC meeting. The cash reserve requirement was however left unchanged.

Emefiele, also stressed that with the pandemic and external shocks, the central bank would continue with its aggressive development finance intervention in the real sector of the economy