INTEREST RATE DROPED BY CBN

The Central Bank of Nigeria (CBN) on Tuesday, November 24,
cut policy interest rate for the first time in almost four years,
the Sun reports.

Godwin Emefiele, the CBN Chief, made this announcement at
the end of its two-day rate setting meeting. He reported a 200
points cut to 11% in headline interest rate from 13% previously.
The financial regulator also shaves-off the Cash Reserve Ratio
(CRR) sharply from 25% to 20%, the deepest cut in the
harmonised rate following a smaller easing done by the CBN
last September.

“The decision to cut both the policy rate and the harmonised cash
reserve ratio 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,” the CBN
Governor said.

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