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Hello, Ope is here 😊
There’s something you should know. In September, the CBN reduced the MPR (Monetary Policy Rate). Don’t leave me, I’ll explain what that means.
Simply put, it is the rate at which the Central Bank lends money to your regular banks. #MarketSlice (1/6)
There’s something you should know. In September, the CBN reduced the MPR (Monetary Policy Rate). Don’t leave me, I’ll explain what that means.
Simply put, it is the rate at which the Central Bank lends money to your regular banks. #MarketSlice (1/6)
Ideally, the higher it is the harder it is for banks to lend out money. The lower it is…(can you complete that?).
Great, I knew you were one smart person. So, a reduction is expected to push banks to lend businesses money at cheaper rates. 🤔
#MarketSlice (2/6)
Great, I knew you were one smart person. So, a reduction is expected to push banks to lend businesses money at cheaper rates. 🤔
#MarketSlice (2/6)
However, that is not big news. The news is in how this affects returns on a savings account, with your bank.
Before that decision, the CBN had also placed the minimum interest rate at 10% of the MPR. #MarketSlice
(3/6)
Before that decision, the CBN had also placed the minimum interest rate at 10% of the MPR. #MarketSlice
(3/6)
