Breaking: CBN Cuts MPR to 23%

James Emejo in Abuja

The Central Bank of Nigeria (CBN), Tuesday resolved to cut the Monetary Policy Rate (MPR) by 350 basis points (bps) to 23 per cent from 26.5 per cent

The central bank also recaliberated the Asymmetric Corridor at around the MPE +50/-300 bps.

Addressing journalists at the end of the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee also decided to retain the Cash Reserve Ratio (CRR) at 45 per cent for Deposit Money Banks (DMBs) and 16 per cent for Merchant Banks.

Details later…