B-r-e-a-k-i-n-g: CBN reduces interest rate to 26.50 % from 27%

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.50 per cent from 27 per cent, the CBN Governor, Yemi Cardoso, announced.

Cardoso made the disclosure on Tuesday at the 304th MPC meeting in Abuja.

The MPR serves as the baseline interest rate within the Nigerian economy.

He said the 11 MPC members present also voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks, maintaining current liquidity levels.

Cardoso added that the Liquidity Ratio remained at 30 per cent, while the Standing Facilities Corridor was retained at +50/-450 basis points around the MPR to guide market stability and financial operations.