The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent.
During a press briefing on Tuesday following the 300th MPC meeting in Abuja, CBN Governor Olayemi Cardoso announced, “The committee unanimously agreed to maintain the MPR at 27.50 percent.”
Cardoso also revealed that the MPC has chosen to keep the Cash Reserve Ratio (CRR) at 50 basis points for commercial banks and 16 percent for mortgage banks, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR. Other monetary policy measures were also retained.
He explained that the decision to pause any rate hikes was influenced by the easing of Nigeria’s inflation rate, which fell to 23.7 percent in April.
The National Bureau of Statistics reported last week that the country’s inflation rate decreased by 23.7 percent. In February, the Monetary Policy Committee decided to maintain the interest rate at 27.50 percent as inflation began to ease.
