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The Central Bank of Nigeria Monetary Policy Committee, on Tuesday, said the interest rate will be retained at 27.50 percent. Governor of CBN, Olayemi Cardoso, disclosed this in a press briefing after the 300th MPC meeting in Abuja.
He announced that “The committee unanimously agreed to retain MPR at 27.50 percent,” adding that the MPC decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial banks and 16 percent for mortgage banks.
The liquidity ratio (LR) was retained at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained. Cardoso hinged MPC’s decision on the easing of Nigeria’s inflation rate to 23.7 percent in April.
