The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut down the Monetary Policy Rate (MPR) by 50 basis points to 13.50 per cent from 14 per cent.

The CBN Governor, Mr Godwin Emefiele, disclosed this during a press conference at the end of the MPC meeting held on Tuesday in Abuja.

This is the first time the MPR will be reduced since July 2016.

The MPC, however, held all other key parameters unchanged.

Mr Emefiele explained that the cut in the rates was to support the nation’s feeble economic growth at this time.

He added that the decision was aimedatreducing the rate of unemployment and diversifying the country’s economy.