CBN Retains Monetary Policy Rate At 27.50%

The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50%.

The governor of CBN, Olayemi Gardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The Committee unanimously agreed to retain MPR at 27. 50 percent”, he stated.

Gardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for Commercial Bank and 16 percent for Mortgage Bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR, other monetary policy decision were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

Last week, the National Bureau of Statistics (NBS) price index showed that the country’s inflation dropped by 23.7%.

In February, the MPC retained the county’s interest rate at 27.50 percent as inflation cooled off.

-9News Nigeria.