CBN Drops Interest Rates Of Borrowing By 50 basis points To 13.50%

CBN Drops Interest Rates By 50 basis points To 13.50%

The Central Bank of Nigeria (CBN) Tuesday resolved to reduce the Monetary Policy Rate (MPR), otherwise known as interest rate, by 50 basis points to 13.5 per cent from 14 per cent in a reports received by VAM Nigeria.      CBN The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.