JUST IN: MPC Reduces Lending Rate, Says Nigeria May Not Slide Into Recession

JUST IN: MPC Reduces Lending Rate, Says Nigeria May Not Slide Into Recession

The Monetary Policy Committee has reduced the rate at which banks lend to each other, from 13.5 per cent to 12.5 per cent. 

Central Bank of Nigeria governor, Godwin Emefiele, said this on Thursday, stating that the Nigerian economy was likely not to fall into negative growth.

According to Emefiele, seven members of the 12-member committee voted for the reduction in the inter-bank lending rate, meaning that Nigerians can now borrow from banks at a slightly lesser premium than before.

Emefiele, who read the agreements reached by the committee at a briefing with journalists in Abuja, said the reason for the optimistic economic projection held by the bank was hinged on the effective utilisation of the different COVID-19 stimulus packages rolled out for businesses across agriculture, health care and SMEEs.

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