CBN Reduces Interest Rate to 27%
The Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points, cutting the interest rate from 27.5 per cent to 27 per cent.
The decision was announced on Tuesday by CBN Governor, Olayemi Cardoso, at the 302nd meeting of the Monetary Policy Committee (MPC).
The MPC also reduced the Cash Reserve Ratio (CRR) for Deposit Money Banks to 45 per cent, while retaining the CRR for Merchant Banks at 16 per cent. The Liquidity Ratio was left unchanged at 30 per cent.
In addition, the committee adjusted the asymmetric corridor around the MPR to +250/-250 basis points.
Cardoso explained that the move is aimed at easing monetary conditions and supporting economic growth, while addressing inflationary pressures and challenges facing the naira.
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