By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Tuesday announced a drop in the Monetary Policy Rate (MPR) for the first time in over two years.
Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen on outcome of the Monetary Policy Committee (MPC) meeting held in Abuja, said members of the committee favoured a temporal cut in the benchmark interest rate in the country.
Business Post reports that the committee decided to slash the rate by 0.50 percent to 13.50 percent from 14 percent.
However, he said all other rates remain flat; the CRR at 22.50 percent and the Liquidity Ratio at 30 percent.
He explained that the reduction in the MPR is mainly to support the present economic growth in the country as well as in reaction to global economy.
Adedapo Adesanya