CBN reduces interest rate to 27%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday reduced Nigeria’s baseline interest rate, known as the monetary policy rate (MPR), from 27.50 per cent to 27 per cent.
The CBN Governor, Yemi Cardoso, announced this while presenting a communiqué from the 302nd meeting of the MPC.
This marks a departure from the aggressive tightening monetary policy stance of the MPC since 2024.
Mr Cardoso said that the committee also decided to lower the cash reserve ratio (CRR) to 45 per cent from 50 per cent for commercial banks and retained it at 16 per cent for merchant banks.
He said the MPC also retained the liquidity ratio at 30 per cent and adjusted the asymmetric corridor to +250/-250 basis points from +500/-100 basis points around the MPR.
(NAN)
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