For the first time in two years, the Monetary Policy Committee of the Central Bank of Nigeria has reduced the Monetary Policy Rate from 14 per cent to 13.5 per cent.
CBN Governor, Godwin Emefiele, explained that six out of the 11 members that attended the meeting agreed to reduce the current monetary policy stance.
The committee, however, decided to retain the Cash Reserves Ratio at 22.5 per cent.