MPC slashes interest rate to 12.5%

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The Central Bank of Nigeria (CBN) held its bi-monthly Monetary Policy Committee meeting today May 28, 2020. Against the 2-day traditional timeline for the event, the meeting was cut short to a day.

Faced with the decision to hold or cut specific metrics, the committee unanimously voted to cut Monetary Policy Rate by 100bps to 12.50% while leaving all other monetary policy metrics unchanged.

  • Monetary Policy Rate (MPR) at 12.50%;
  • The asymmetric corridor around the MPR at +200/-500bps;
  • Cash Reserves Ratio (CRR) at 27.5%; and
  • Liquidity Ratio (LR) at 30.0%

We believe the monetary policy committee is towing a path aimed at reducing the potential impact of COVID-19 on overall output growth.

This accommodative policy is in line with the global dovish stance which may not necessarily be ideal for Nigeria’s situation given the breakdown in the transmission mechanism on the monetary policy front.

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It is curious that the committee did not provide much guidance on the foreign exchange front as that remains a key pressure point for the Nigerian economy at this time.

In all, we think the impact of this move on the fixed income market would be minimal as the market has not been anchored around the benchmark rate for quite a while. Whether this would be enough to ward off negative growth this year remains to be seen.

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The MPC, however, advised the fiscal authorities to maintain its core spending plan, improve on tax generation and work towards the gradual reopening of the economy. The MPC also highlighted the need for a public-private partnership to fund infrastructural development in the country.

The Monetary authority also noted the need to provide cheaper credit to the real sector amid relative stability in the banking sector where Non-Performing Loans have fallen to 6.58% as at April 2020 from 10.95% as at April 2019.

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Finally, the MPC stressed on the need for continued interventions in the Manufacturing, Agricultural and Health Sectors.

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MPC slashes interest rate to 12.5% - Brand SpurMPC slashes interest rate to 12.5% - Brand Spur

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MPC slashes interest rate to 12.5% - Brand SpurMPC slashes interest rate to 12.5% - Brand Spur

Latest News

Next Meats, Purveyor of the World’s First Plant-based Yakiniku Meats, Is Now in Singapore

The Tokyo-based startup makes its debut in the alt-protein hotspot of Singapore


  • Next Meats has collaborated with Aburi-EN to deliver two new meal sets
  • Made with soybean proteins, the Kalbi contains no chemical additives or animal ingredients

SINGAPORE - Media OutReach - 14 April 2021 - Next Meats, a purveyor of the world's first plant-based yakiniku meats, is making its debut in the alternative protein hotspot, Singapore! The Japanese alternative meat company has collaborated this time with popular Japanese restaurant Aburi-EN, which will offer two types of set meals using the NEXT Kalbi (boneless short rib) for the very first time. Made largely from soy proteins, the NEXT Kalbi contains double the amount of protein and half the fats than that of regular meat and even more, it does not contain any chemical additives or cholesterol due to its lack of animal ingredients. Now, Singaporeans can enjoy yakiniku without the guilt!

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MPC slashes interest rate to 12.5% - Brand Spur

From left to right: Premium Kalbi Don Set and Stamina Teishouku Set

The two new menus available at Aburi-EN are the Kalbi Don Set (S$13.80) and the Stamina Teishoku (S$15.80) — which are available for a limited time only. Next Meats has specifically chosen to work with Aburi-EN as they are a Japanese grilled-meat specialist. The two menus are the culmination of many months of research and development, and they will also be Aburi-EN's first-ever plant-based dishes.

MPC slashes interest rate to 12.5% - Brand Spur

For the Kalbi Don Set, Next Meat's Kalbi is grilled and served atop a bowl of fragrant Japanese steamed rice. Equally indulgent, the Stamina Teishoku features the Kalbi stir-fried with cabbage along with egg imported from Okinawa. The meat is then served with fragrant Japanese steamed rice, salad, pickles and miso soup. For both dishes, the meats are glazed with a special homemade sauce that packs an irresistible umami punch.

Both the Kalbi Don Set and Stamina Teishoku will be available at all Aburi-EN stores from April to July 2021.

An advocate of sustainable food production and better food security

The NEXT Kalbi is one of Next Meats' innovative offerings, which includes other plant-based delicacies such as the NEXT burger and NEXT gyudon (beef bowl). The company champions the importance of saving the planet and humanity through reducing the emission of greenhouse gases (which is produced from meat consumption and animal agriculture) and utilizing biotechnology to combat protein deficiency.

Through extensive research and development, Next Meats has culminated the knowhow on using molecular binding to mould vegetable proteins from powder. Buoyed by state-of-the-art, proprietary technologies, the company has successfully created vegan substitutes that replicate the texture of real meat.

About Next Meats

Hailing from Tokyo, Next Meats is a food-tech venture company that specialises in the research and development of Japanese-style alternative meat products. Its journey of product development began in 2017, and the company was officially established in 2020. Its portfolio of products includes plant-based burger patties, gyudon and yakiniku meats.

Social Media for Next Meats

Facebook: /nextmeats.singapore

Instagram: @nextmeats_singapore

Hashtags: #nextmeats #nextmeats_sg #japaneseplantbased

About Aburi-EN

Aburi-EN is Singapore's leading Japanese Grill restaurant chain, best known for delicious high quality grilled donburi bowls. Signature dishes include the Premium Buta Don with grilled chestnut-fed pork, Wagyu Karubi Don, and the Wagyu Stamina Don, made using A4/A5 Miyazaki Wagyu, which has won Japan's "National Wagyu Award" for 3 consecutive years, among many others. The homemade sauces give the meats and dishes an extra umami-ness. Aburi-EN is also known for affordable highballs and Japanese sours, which pair perfectly with the Aburi dishes.

Social Media for Aburi-EN

Facebook: /aburiensg


Hashtags: #aburiensg #aburiendonburi #aburienjapanesegrill


- Isetan Scotts:

350 Orchard Rd, #01-K1 Shaw House, Singapore 238868

- Causeway Point

1 Woodlands Square, #02-09B Causeway Point, Singapore 738099

- Jem

50 Jurong Gateway Rd, #01-04 Jem, Singapore 608549

- Vivo City

1 Harbourfront Walk, #01-159/160 VivoCity, Singapore 098585

- Novena Square

238 Thomson Rd, #01-89/90, Singapore 307683

- Guoco Tower

1 Wallich St, #B2 - 09, Singapore 078884

- Orchard Central

181 Orchard Central, Central, #01-16 Orchard, 238896

- Suntec City

3 Temasek Blvd, #B1-121 Suntec City Mall, Singapore 038983

- Nex

23 Serangoon Central, #01-63/64/65 Nex, Singapore 556083

Operating Hours

11am – 10pm, Daily

MPC slashes interest rate to 12.5% - Brand Spur
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