The Monetary Policy Committee (MPC) of Central Bank of Nigeria on Thursday diminished the Monetary Policy Price (MPR) to 12.5 per cent, from 13.5 per cent.
The MPR is the interest fee at which the central bank lends to industrial banks. It one way or the opposite affects the rates at which contributors and companies can offer loans from industrial banks as such loan rates cannot be decrease than the MPR.
The reduction used to be presented after the MPC meeting by the Governor of the Central Bank of Nigeria, Godwin Emefiele.
The MPR is the instrument weak by the Central Bank of Nigeria to govern interest/ lending rates.
Whereas handing over the verbal replace, Mr Emefiele said diverse financial protection parameters remained unchanged.
He said the MPC resolved to desire the Liquidity Ratio at 30 per cent and the Cash Reserve Requirement (CRR) at 27.5 per cent.
Similarly, he said, the MPC retained the asymmetric hall at +200/-500 basis factors around the MPR.
Many Nigerians had called for a reduce of the MPR because the nation’s financial system suffers from the affect of the coronavirus pandemic.
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Oladeinde Olawoyin experiences Business & Economy, Pattern and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Dialog from the University of Ilorin, Ilorin, he used to be nominated within the journalism category of The Future Awards Africa in 2017. Aside affirming a column titled ‘SATURDAY SATIRE’, he also writes art and culture objects on weekends. Twitter: @Ola_deinde
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