The cost of getting a loan in Nigeria is headed south following the Central Bank of Nigeria’s reduction, on Tuesday, of the Monetary Policy Rate from 12.5 per cent to 11.5 per cent after the two-day Monetary Policy Committee meeting in Abuja.
MPR, which determines interest rate, will be reduced by 100 basis points, the CBN said.
This means that the cost of getting a loan will reduce.
The committee also voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent, respectively.
CBN Governor, Godwin Emefiele, disclosed this while presenting the communiqué of the MPC two-day meeting.
