CBN to reduce lending rate to 11 percent

The Central Bank of Nigeria ended its Monetary
Policy Committee meeting in Abuja on Tuesday with
a resolution to reduce Monetary Policy Ratio,
popularly called lending rate, from 13 per cent to 11
per cent.
The CBN governor, Godwin Emefiele, who
announced the resolution of the Committee at the
end of its meeting, also said members agreed to
cut down on Cash Reserve Ratio for public and
private sectors from 25 to 20 per cent.
The CRR is a monetary policy tool used to set the
minimum deposits commercial banks must hold as
reserves, rather than lend out during any given
period.
Mr. Emefiele said that part of the key resolutions
during the meeting was for the CBN to focus on
playing its primary role of stimulating the growth of
the economy by providing the needed funds
commercial banks would use to to promote the
continued operation of the real sectors of the
economy.
He identified the sectors that would benefit from the
special funding support from the CBN to include
infrastructure (with emphasis on power), agriculture
and the solid minerals.

http://www.premiumtimesng.com/business/
banking-and-finance/193843-cbn-reduces-lending-
rate-to-11-percent.html