CBN Retains MPR at 27.50%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to leave the monetary policy parameters, including the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at current levels.

The Monetary Policy Committee (MPC) of the apex bank unanimously voted to hold policy, retaining the MPR, the rate at which commercial banks borrow from the central bank, at 27.50 per cent.

The committee also retained the asymmetric corridor around the MPR at +500/-100 basis points, Cash Reserve Ratio of Deposit Money Banks at 50 per cent and Merchant Banks at 16 per cent, and left the Liquidity Ratio unchanged at 30 per cent.

Addressing journalists after the 300th meeting of the MPC in Abuja, CBN Governor, Mr. Olayemi Cardoso, noted the relative improvements in some key macroeconomic indicators which are expected to support the overall moderation in prices in the near to medium term.

Details later…