CBN reduces monetary policy rate to 13.5%

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…as Emefiele expresses optimism for accelerated growth

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate from 14 per cent to 13.5 per cent.

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

He explained that six out of the 11 members that attended the meeting agreed to reduce the current monetary policy stance.

He said that the decision 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.

He said while the MPR was reduced to 13.5 per cent, the committee decided to retain the Cash Reserves Ratio at 22.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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