CBN says rate cut designed to stimulate productive activities
The Central Bank of Nigeria has cut the Monetary Policy Rate from 26.5% to 23% to stimulate productive activities and sustain efforts to lower inflation. Read More: https://punchng.com/cbn-says-rate-cut-designed-to-stimulate-productive-activities/
The Central Bank of Nigeria (CBN) has announced a reduction in the Monetary Policy Rate from 26.5 per cent to 23 per cent, aimed at stimulating productive activities while maintaining efforts to bring inflation down to single digits. According to Mrs Hakama Sidi-Ali, Director of Stakeholder Engagement and Institutional Relations at the CBN, this decision follows a shift towards monetary easing after a period of tight policy aimed at controlling inflation and stabilising the foreign exchange market.
The move comes as Nigeria's gross external reserves exceed $55bn, the highest in 18 years, attributed to increased foreign exchange inflows from remittances, investments, and greater participation in the formal financial system.
Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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