The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from its previous level to 23 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 307th meeting held in Abuja.
Announcing the outcome, Cardoso said the committee resolved to reset the benchmark interest rate to 23 per cent, citing prevailing macroeconomic conditions guiding the decision.
This is a developing story. More details will be added as they become available.
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