CBN reduces Interest rate by 50 BPS

The Central Bank of Nigeria (CBN)  has reduced the benchmark interest rate, Monetary Policy Rate (MPR) to 13.5 percent from 14 percent. Governor Godwin Emefiele announced Tuesday, following a meeting of its Monetary Policy Committee, (MPC)

The move is the first rate cut in more than two years in Africa’s biggest economy. Most analysts had predicted that the rates would be kept on hold, possibly determination to attract foreign direct investments till mid year in what they say the banks.