The CBN Governor, Mr. Godwin Emefiele, during a press conference at the end of a two-day MPC meeting held on Tuesday in Abuja, has reduced the Monetary Policy Rate (MPR) from 14% to 13.50%. This is done so as to aid the quest in addressing the rate of unemployment and also diversify the country’s economy.
The MPC, however, held all other key parameters unchanged. The Cash Reserve Ratio, (CRR) was kept at 22.5%. Although this is the first time the MPR will be reduced since July 2016.
Mr. Emefiele explained that the cut in the rates was to support the nation’s feeble economic growth at this time.
Recall that the Cash Reserve Ratio in Nigeria averaged 12.04 percent from 2007 until 2019, reaching an all-time high of 31 percent in May 2015 and a record low of 1 percent in April 2009
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