CBN retains interest rate at 27.50%
The Central Bank of Nigeria has again maintained the monetary policy rate (MPR) at 27.5 per cent.
The CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting.
Mr Cardoso said that all 12 MPC members voted unanimously to hold key monetary parameters.
The committee retained the cash reserve ratio at 50 per cent for deposit money banks and 16 per cent for merchant banks.
The liquidity ratio remains at 30 per cent, and the asymmetric corridor was held at +500/-100 basis points around the MPR.
Since February 2024, the MPC under Mr Cardoso had raised the MPR from 18.5 per cent to 27.5 per cent before opting to pause rate hikes with this latest decision.
(NAN)
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