Sep 23 (Lagos) - The Monetary policy committee of the CBN has reduced its key benchmark lending rate or the Marginal Policy Rate (MPR) by 50 basis points to 27% from previously at 27.50% as it concluded its meeting today in Abuja.
A 75% CASH RESERVE RATION (CRR) on non-Treasury Single Account was a new introduction designed to mop up excess liquidity from fiscal injections.
CRR for commercial banks was reduced to 45% from 50% previously.
Nigeria's economy has shown some signs of strengthening as the GDP grew by 4.23% in the second quarter up from 3.31% in the first quarter. Inflation seems to have moderated on official calculations. Foreign reserves are up the up again.
reporting for easykobo.com