With eye on growth, CBN slashes benchmark interest rate to 12.5%

Here’s what CBN can do to avert imminent Covid-19 induced recession

With a unanimous vote, members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Thursday slashed the Monetary Policy Rate to 12.5 percent to spur lending to the economy which faces imminent recession on twin pressures of COVID-19 pandemic and low oil prices.

But the CBN retained the Cash Reserve Ratio (CRR) at 27.5 percent and also left the Liquidity Ratio (LR) at 30 percent, Godwin Emefiele, CBN governor, said during a virtual briefing after the meeting.

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