CBN retains interest rate at 27.5%

The Central Bank of Nigeria, CBN, has retained the Monetary Policy Rate, MPR, its benchmark interest rate at 27.5%.

Governor CBN, Mr Olayemi Cardoso, disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the apex bank.

He said: “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 plus 500 to minus 100 basis points. Retain the cash reserve ratio of deposit money banks at 50% and merchant banks at 16% and retain the liquidity ratio at 30%.”