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Nigeria’s Central Bank slashes cost of obtaining loans, reduces MPR to 11.5%

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The Central Bank of Nigeria (CBN) has placed the Monetary Policy Rate at 11.5 percent.

The CBN announced that the MPR will be reduced by 100 basis points from 12.5 percent to 11.5 percent.

The MPR determines the interest rate.

CBN made this known through its monetary policy committee (MPC).

Godwin Emefiele, the CBN governor, announced the committee’s decision on Tuesday at the end of its  meeting.

By implication, the cost of getting a loan will reduce in Nigeria.

The committee also retained liquidity ratio at 30%.

The CBN governor said the MPC retained the cash reserve ratio at 27.5% because it was the recent inflationary pressures were driven by structural policies, and not monetary policy.

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