CBN Drops Interest Rates By 50bps To 13.50%

, Magazine

The Central Bank of Nigeria (CBN) Tuesday resolved to reduce the Monetary Policy Rate (MPR), otherwise known as interest rate, by 50 basis points to 13.5 per cent from 14 per cent.

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The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

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