The Central Bank of Nigeria Monetary Policy Committee has
retained the country’s interest rate at 27.50 percent.
The governor of CBN, Olayemi Cardoso, 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.
Cardoso 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 decisions 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 consumer price
index showed that country’s inflation dropped by 23.7 percent.
In February, the MPC retained the country’s interest rate at
27.50 percent as inflation cooled off.
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