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Breaking: MPC reduces banking rate to 13.5%, retains other parameters

African Finance ministers, Central Bank governors meet in Abuja on Monday

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its second meeting in the year with a slight adjustment of the banking rate.

The CBN governor, Mr. Godwin Emefiele, who briefed newsmen after the two-day meeting announced that the Monetary Policy Rate  (MPR) has come down to 13.5%.

The MPR had remained stagnant at 14% in the last three years., raising issues of discouraging vibrant borrowing from the Deposit Monetary Banks.

The governor also disclosed that all other parameters, including the Cash Reserves Ratio (CRR) at 22.5 per cent, liquidity at 30 per cent and Asymmetric corridor at +200 and -500 basis points around the MPR remained unchanged.

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