JUST IN: CBN MPC cuts MPR to 23%

The Central Bank of Nigeria (CBN), Tuesday decided to reduce the Monetary Policy Interest Rate (MPR) by 350 basis points (bps) to 23 percent from 26.5 percent

The central bank also recalibrated the Asymmetric Corridor at the MPE range of +50/-300 bps.

Speaking to journalists at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Mr. Olayemi Cardoso, said the committee also decided to maintain the Cash Reserve Ratio (CRR) at 45 percent for Deposit Money Banks (DMBs) and 16 percent for Merchant Banks.

Details to come…

The post JUST IN: CBN MPC cuts MPR to 23% appeared first on Latest Nigerian News | Top News from Ripples Nigeria.