CBN Retains Nigeria’s Interest Rate at 27.50%

The Central Bank of Nigeria (CBN) during the 300th Monetary Policy Committee (MPC) meeting retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, revealed this at a press conference on Tuesday in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC members 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.

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Last week, the National Bureau of Statistics consumer price index showed that the 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.