SAN FRANCISCO, March 26, (THEWILL) – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 13.50 per cent from 14 per cent.
This is the first time the MPR will be reduced since July 2016.
The CBN Governor, Godwin Emefiele, disclosed this during a press conference on Tuesday at the end of the MPC meeting held in Abuja.
Emefiele explained that the cut in the MPR was to support the nation’s feeble economic growth at this time but stated that the MPC held all other key parameters unchanged.
He added that the decision was aimed at reducing the rate of unemployment and diversifying the country’s economy.
