BUSINESS

CBN Cuts Interest Rate to 13.5%

The Central Bank of Nigeria (CBN) Tuesday resolved to reduce the Monetary Policy Rate (MPR), otherwise known as interest rate, by 50 basis points to 13.5 per cent from 14 per cent.

The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

CBN Governor, Mr. Godwin Emefiele, anmouced this at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja.

The committee, however, retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent.

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