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The Central Bank of Nigeria (CBN) has announced the reduction of Monetary Policy Rate (MPR), from 12.5 percent to 11.5 percent.
The reduction followed a vote by the Monetary Policy Committee (MPC) during its two-day meeting and was announced by Godwin Emefiele, the CBN governor, on Tuesday.
The reduction is expected to be followed by a corresponding drop in lending rates by banks.
According to Emefiele, the MPC, however, retained the cash reserve ratio at 27.5% because it was of the opinion that the recent inflationary pressures are driven by structural policies not monetary policy.
More details soon.
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