The Central Bank of NNigeria (CBN) Monetary Policy Committee (MPC) has retained the country’s interest rate at 27.50 percent.
This was disclosed in a press statement on Tuesday after the 300th MPC meeting in Abuja by the governor of CBN, Olayemi Cardoso.
“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.
Cardoso also announced that the MPC members decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained
He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.
In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.
