Regulatory Alerts2008-02-25 | TED-FEM-FPC-GEN-01-023-08RE: Moderation of Interest Rates
In July 2002, the Central Bank of Nigeria (CBN) issued a circular to limit banks' lending rates at 400 basis points above the Minimum Rediscount Rate (MRR). However, with the adoption of a market-based framework and the introduction of Monetary Policy Rate (MPR), this policy is no longer operational. The purpose of this recent circular is to formally confirm that the previous policy has been discontinued.
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monetary