Central Bank Announces Reduction In Monetary Policy Rate To 11%

The Governor of the Central bank of Nigeria (CBN), has announced a reduction in the Monetary Policy rate and Cash Reserve ratio to 11% and 20% respectively.

The Cash Reserve Ratio (CRR) was reduced from 25% to 20%.

The Central bank also broadened its interest rate corridor to 200 basis points above the benchmark rate, and 700 basis points below, Governor Emefiele said.

This means the regulator will borrow from commercial lenders at 4% and lend to them at 13%