JUST IN: Again, CBN Retains Interest Rate At 27.5%

JUST IN: Again, CBN Retains Interest Rate At 27.5%

The Central Bank of Nigeria (CBN) has, once again, kept its key lending rate, known as the Monetary Policy Rate (MPR), at 27.5 per cent.

The Governor of CBN, Yemi Cardoso, announced the decision on Tuesday in Abuja, following the 301st Monetary Policy Committee (MPC) meeting.

Cardoso said that all 12 MPC members voted unanimously to hold all key monetary parameters.

The committee, thus, retained the cash reserve ratio at 50 per cent for deposit money banks and 16 per cent for merchant banks.

It also retained liquidity ratio at 30 per cent, and the asymmetric corridor was held at +500/-100 basis points around the MPR.

The News Agency of Nigeria reports that with this decision, the MPC has retained the rates for three consecutive meetings.

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