CBN retains Monetary Policy Rate at 27.5%

The Central Bank of Nigeria (CBN) has decided to retain the Monetary Policy Rate (MPR) at 27.5%, keeping its benchmark interest rate unchanged.

CBN Governor Olayemi Cardoso announced this decision at the end of the Monetary Policy Committee (MPC) meeting held on Tuesday.

Speaking on the committee’s resolution, 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 +500/-100 basis points

Retain the cash reserve ratio of deposit money banks at 50% and merchant banks at 16%

Retain the liquidity ratio at 30%”

The decision comes amid ongoing economic challenges, with the CBN maintaining a tight monetary stance to control inflation and stabilize the financial system.

More updates to follow.