BREAKING: CBN cuts interest rate to 23%

From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has reduced the  Monetary Policy Rate (MPR) to 23 per cent from 26.5 per cent.
The CBN Governor, Olayemi Cardoso, made the announcement while briefing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja.
He said: “The committee examined recent trends in the global and domestic economic environment. It considered emerging risks to the outlook and evaluated their potential implications for monetary policy.
“The committee decided as follows. One, reset the monetary policy rate at 23%.
“Two, recalibrate the standing facilities corridor to plus 50 to minus 300 basis points around the MPC. Three, r...