The Central Bank of Nigeria (CBN) on Tuesday cut its benchmark interest rate to 11.5 percent, from 12.5 percent since May 2020.
Godwin Emefiele, CBN governor, announced this at the end of the two-day meeting of the Monetary Policy Committee (MPC) of the central bank.
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The CBN, however, retained the Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio at 30 percent.
By a vote of three members, the MPC adjusted the Asymmetric Corridor around the MPR to +100/-700 basis points, from +200/-500 basis points.
