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Uche Usim, Abuja
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) rose from its 275th meeting on Tuesday with a decision to reduce the Monetary Policy Rate (lending rate) from 12.5% to 11.5%.
The Chairman of MPC and CBN Governor, Mr Godwin Emefiele made the disclosure at a virtual media briefing after the meeting.
According to him, the committee retained all other policy parameters, with the liquidity ratio left at 30%; Cash Reserve Ratio (CRR) retained at to 27.5% and the asymmetric corridor at +200 and -500 basis point around the MPR.
Emefiele said the decision to reduce the MPR was to sustain ongoing economic recovery efforts and arrest rising inflation.
