Nigeria’s central bank unspectedly at its MPC meeting on
Tuesday slashed its benchmark interest rate to 11 percent from 13 percent in
its bid to boost lending to real sector of the economy and growing employment
in the economy.
The bank said members of the rate-fixing Monetary Policy
Committee (MPC) voted 8 against 2 in favour of the reduction in lending rate.
Godwin Emefiele, who announced the measure at the end of the
two day meeting said the corridor around
the MPR has been adjusted to +200 above and -700 points below the benchmark
rate, meaning the regulator will borrow from commercial lender at 4 percent and
lend to them at 13 pct.
The regulator also cut the cash reserves requirement to 20
percent from 25 percent, saying it will only released funds from such cut to
banks that are willing to lend to the productive sector of the economy.
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