CBN Cuts Monetary Policy Rate to 23% for Cheaper Credit
On a recent date, the Central Bank of Nigeria (CBN) announced a significant reduction of the Monetary Policy Rate (MPR) by 350 basis points, lowering it from 26.5% to 23%. CBN Governor Olayemi Cardoso made this announcement following a two-day meeting of the Monetary Policy Committee (MPC) in Abuja.
This unprecedented move has raised expectations among private sector operators for cheaper credit. Various analysts and members of the Organised Private Sector (OPS) expressed surprise at the magnitude of the rate cut.
Key figures such as Bismarck Rewane, Dele Kelvin Oye, and Professor Uche Uwaleke welcomed the decision, believing it would positively impact the real sector and boost job creation. Cardoso described the adjustment as a “reset and recalibration” of monetary policy rather than a shift towards easing.
The MPC also adjusted the Standing Facilities Corridor to +250/-300 basis points around the MPR while maintaining the Cash Reserve Requirement (CRR) at 45% for Deposit Money Banks.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Cuts Monetary Policy Rate to 23% to Shift Investments
CBN Cuts Interest Rate to 23% to Boost Economy
CBN Lowers Benchmark Rate to 23%, Affecting Yields
Central Bank of Nigeria Lowers Benchmark Rate to 23%
MAN Praises CBN's Rate Cut to 23% for Business Relief
Manufacturers Association Urges Banks to Lower Lending Rates
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
