CBN MPC, in a unanimous vote reduced MPR by 100 basis points from 13.5 to 12.5 percent to stimulate aggregate demand.
The Apex Bank also retained Asymmetric Window at +200 and -500 basis points around the MPR.
CBN Governor Emefiele warned against speculation in the forex market.
He disclosed that sale of FOREX to BDCs would resume once there was a resumption of full economic activities.
Emefiele insisted that there was no better time than now for Nigeria to follow through with monetary and fiscal policies aimed at diversification.
He also sought aggressive reopening of economy “as soon as lockdown eases.”
According to him, “while we are trying to save lives, we must also save livelihoods.”
Emefiele expressed hope that the Nigerian economy might not slide into recession if the third quarter growth returned positive through the aggressive reopening of businesses.