Banks Deposit with CBN Slumps to N92.32trn on MPR Cut

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) from 27 percent to 26.50 percent. Following this adjustment, banks' deposits with the Central Bank have decreased to N92.32 trillion. This change in the MPR is expected to influence lending rates and overall economic activity in the country. The decision reflects the MPC's ongoing efforts to manage inflation and stimulate economic growth.

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