Breaking: CBN Slashes MPR to 12.5%

The Monetary Policy Committee (MPC) of Central Bank of Nigeria(CBN) has slashed the monetary policy rate (MPR), to 12.5 per cent.

The MPR is the lending rate solely controlled by the apex bank.
CBN Governor Godwin Emefiele disclosed this at the end of the MPC meeting thursday in Abuja.
He however said the committee left other monetary policy parameters unchanged.

In the communique read by Mr Emefiele, the MPC resolved to keep the Liquidity Ratio at 30 per cent, Cash Reserve Requirement (CRR) at 27.5 per cent and the asymmetric corridor at +200/-500 basis points around the MPR.