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.

The Governor of the central bank of Nigeria, Godwin Emefiele announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.

He explained that six out of the 11 members that attended the meeting agreed to reduce the current monetary policy stance.

While the MPR was reduced to 13.5 per cent, the committee decided to retain the Cash Reserve Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent, and the Asymmetric Window at +200 and -500 basis points around the MPR.