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CBN heaadquarters. Image: Guardian Nigeria

The Central Bank of Nigeria (CBN) has slashed the Monetary Policy Rate (MPR), otherwise known as lending rate, by 50 basis points to 13.5 per cent from 14 per cent.

Concise News understands that the decision from the CBN came on Tuesday during the MPR committee quarterly meeting in Abuja.

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The MPR is the rate at which the CBN lends to commercial banks and often determines the cost.

However, the committee, retained the Cash Reserve Ratio, (CRR) at 22.5%.

The Cash Reserve Ratio in Nigeria averaged 12.04 percent from 2007 until 2019, getting to an all time high of 31 percent in May 2015 and a record low of 1 percent in April 2009