Ex-CBN director commends CBN on benchmark interest rate reduction
» News » Ex-CBN director commends CBN on benchmark interest rate reduction ON SEPTEMBER 23, 202011:16 NEWS Dr Titus Okunrounmu, a former director, Budgetary Department of Central Bank of Nigeria (CBN), has commended the Monetary Policy Committee (MPC) of the Apex Bank for reducing the Benchmark Interest Rate (BIR) from 12.5 per cent to 11.5 per cent. Okunrounmu made the commendation in an interview with the News Agency of Nigeria (NAN), in Ota, Ogun on Wednesday. NAN reports that Godwin Emefiele, CBN governor, on Tuesday in Abuja announced after the two-day meeting of the MPC that the BIR would be reduced from 12.5 per cent to 11.5 per cent. Other monetary policy instruments like the Cash Reserve Ratio and Liquidity Ratio are retained at 27.5 per cent and 30 per cent respectively. NAN also reports that this would be the second time that the MPC would be reducing BIR this year. The former CBN director said that the MPC’s decision to cut the BIR was a better and welcome devel...