BY NKECHI NAECHE-ESEZOBOR –The Monetary Policy Committee (MPC) of the Central Bank of Nigeria ( CBN) on Thursday concluded its one-day policy meeting held today in Abuja.
The Committee members which were faced with the hard choices of reducing or leaving policy parameters unchanged unanimously elected to reduce the benchmark interest rate by 100 basis points.
At the end of the meeting, the Committee reached the following decisions:
Reduces Monetary Policy Rate (MPR) to 12.5% from 13.5%;
Retains asymmetric corridor around the MPR at +200/-500bps;
Retains Cash Reserves Ratio (CRR) at 27.5%; and
Retains Liquidity Ratio (LR) at 30.0%.
