CBN Cuts Interest Rates For The First Time In Over Three Years


The Central Bank of Nigeria, CBN on Tuesday cut policy interest rate for the first time in almost four years.
At the end of its two-day rate setting meeting, CBN Gov, Godwin Emefiele announced a 200 points cut to 11% in headline interest rate from 13% previously.CBN

The financial regulator also shaves-off the Cash Reserve Ratio (CRR) sharply from 25% to 20%, the deepest cut in the harmonized rate following a smaller easing done by the CBN last September.
The decision to cut both the policy rate and the harmonized cash reserve ratio, the CBN Governor said, was to engineer growth by increasing the flow of lending to critical sectors of the economy like agriculture, solid minerals, critical social infrastructure and manufacturing.