The Central Bank of Nigeria (CBN) has decided to keep its benchmark interest rate, the Monetary Policy Rate (MPR), unchanged at 27.5%.
This decision was made during the latest Monetary Policy Committee (MPC) meeting, which was led by the CBN Governor, Mr. Olayemi Cardoso.
At the end of the meeting, Cardoso stated: “The committee was unanimous in its decision to hold all parameters and thus decided as follows: retain the MPR at 27.50%, retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points. Retain the cash reserve ratio of deposit money banks at 50% and merchant banks at 16% and retain the liquidity ratio at 30%.”
