The Central Bank of Nigeria (CBN), has lowered the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. However, the Cash Reserve Ratio (CRR) was retained at 27.5 per cent and the Liquidity Ratio at 30 per cent.
This move was revealed by CBN Governor Godwin Emefiele. He said the decisions by the Monetary Policy Committee (MPC) were tasking, as the body had to weigh growth in lowering the rate against checking inflation, which is threatening to push the national economy into stagflation in the next quarter.
Godwin Emefiele Further penned that the highest decision-making organ of the apex bank loosened up owing to the advantages of the measures introduced for the country due to the COVID-19 pandemic.
On the domestic economy, he told a news conference that the most populous nation might contend with the adverse effects of the disease in the remaining part of the year.
