The Central Bank of Nigeria (CBN) Tuesday resolved to reduce the Monetary Policy Rate (MPR) by 100 basis points to 11.5 per cent from 12.5 per cent and adjusted the asymmetric corridor to +100/-700 basis points around the MPR.
The MPR is the rate which the apex bank lends to commercial banks and often determines the cost of funds.
Addressing journalists at the two-day meeting of the Monetary Policy Committee (MPC in Abuja, the CBN also retained Cash Reserve Ratio (CRR) 27.5 per cent and Liquidity Ratio at 30 per cent.
