he Monetary Policy Committee [MPC] of the Central Bank of Nigeria at its 266th meeting last week cut the Monetary Policy Rate benchmark lending rate by 50 basis points – that is from 14% to 13.5%. This change of the MPR is the first since July 2016. Announcing the new development at the apex bank after the meeting last week Tuesday, CBN Governor Godwin Emefiele justified it on the grounds that there was a need to signal a new pro-growth direction for the Nigerian economy.
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