Central Bank of Nigeria has reduced its Monetary Policy Rate

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The Central Bank of Nigeria (CBN) has reduced its Monetary Policy Rate (MPR) from 14.0 per cent to 13.5 per cent.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, disclosed this, in Abuja, while briefing the press at the end of the 226th Monetary Policy Committee (MPC) meeting.

He also said that the decision to loosen the MPT was borne out of the desire to stimulate growth in various sectors of the economy.

The MPR had been retained at 14 per cent since July 2016.