By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday cut the benchmark interest rate from 13 percent to 11 percent 200 basis points at the end of monetary policy committee meeting (MPC) 247th held November 23 and November 24, 2015.

Also, the MPC cut the cash reserve ratio (CRR) to 20 percent from 25 percent 500 basis points, Godwin Emefiele said in a webcast.

Nigeria’s central bank a year ago increased monetary policy rate (MPR) from 12 percent to 13 percent; increasing it to 100 basis points and had since then retained it.

The MPC changed the symmetric corridor around the MPR from +/-200bps to +200bps and -700bps.