The Monetary Policy Rate (MPR) has been reduced by the Central Bank of Nigeria (CBN), leading to a reduction in loan interest. The CBN reduced the MPR to 11.5% from 12.5%.
The MPR is used to determine the interest rate on loans.
While the CBN reduced the MPR, the apex bank retained the CRR at 27.5%, as the CBN disclosed that structural policies are behind the inflationary pressures and not monetary policies, the CBN Governor, Godwin Emefiele, revealed.
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The review of the MPR was done at the end of the MPC meeting on Tuesday, September 22, 2020, after the Monetary Policy Committee of the CBN voted in favour of the MPR review. The Committee also voted to retain the liquidity ratio at 30%.
Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....
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