BREAKING: CBN cuts MPC rate to 12.5%

The Central Bank of Nigeria has cut its Monetary Policy Rate to 12.5%.

However, it maintained all other parameters.

This is a reduction from the 13.5% rate recently held by the Apex bank.

Recall that it rescheduled its Monetary Policy Committee meeting initially slated for Monday and Tuesday, May 25 and 26, 2020 to hold Thursday, May 28, 2020.

CBN MPC cuts policy rate by 100 basis points to 12.5 %, maintains other parameters constant.

— Central Bank of Nigeria (@cenbank) May 28, 2020