MAN: MPR Cut Will Support Manufacturers’ Capacity to Finance Inventory, Raw Materials

The Manufacturers Association of Nigeria (MAN) has stated that the Central Bank of Nigeria's reduction of the Monetary Policy Rate (MPR) will enhance manufacturers' ability to finance inventory, raw materials, production cycles, equipment acquisition, and business expansion. The MPC reduced the MPR by 350 basis points to 23 per cent from 26.50 per cent. Other decisions included adjusting the Standing Facilities Corridor to +50/-300 basis points around the MPR, retaining the Cash Reserve Ratio at 45 per cent for deposit money banks and 16 per cent for merchant banks, and keeping the liquidity ratio at 30 per cent. MAN described the move as a significant easing of the monetary policy stance.

Read More