CBN cuts Monetary policy rate to 11%

In a resolution made by Monetary policy commitee(MPC) on MPR as announced by the

CBN governor yesterday to reduce the Monetary Policy Rate from 13 per cent to 11 per cent.

The committee, according to the governor, also voted to reduce the Cash Reserve Requirement from the current 25 per cent to 20 per cent as well as changed the symmetric corridor of 200 basis points around the MPR to an asymmetric corridor of +200 basis points and -700 basis points, around the MPR.

The CBN governor noted that the MPC evaluated various options for ensuring increased credit delivery to the key growth sectors of the economy, capable of generating employment opportunities, and improving productivity and growth.

Measures are been taken by the apex bank to ensure increased lending to sectors capable of generating employment opportunities,improved productivity and the sectors include but not limited to the real sector, infrastructure, agriculture and solid minerals.