The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR), its benchmark interest rate, at 27.5%.
Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, made the announcement at the conclusion of the central bank’s Monetary Policy Committee (MPC) meeting.
He stated, “The committee was unanimous in its decision to hold all parameters and thus agreed as follows: maintain the MPR at 27.50% and the asymmetric corridor around the MPR at plus 500 to minus 100 basis points.
Maintain the cash reserve ratios of deposit money banks at 50% and merchant banks at 16%, and the liquidity ratio at 30%.”
