MPC Keeps Interest Rate Benchmark at 27.5%
The Central Bank of Nigeria’s (CBN) monetary policy committee (MPC) retained the benchmark interest rate at 27.5% after the conclusion of the two-day meeting in Abuja.
The committee also retained the asymmetric corridor around the policy rate at +500 bps/-100 bps. MPC also retained the cash reserves ratio (CRR) for deposit money banks at 50.0% and merchant banks at 16.0%. The liquidity rate is kept at 30.0%.
The decision came after National Bureau of Statistics (NBS) released revised GDP figures, selecting 2019 as the new base year due to its relative economic stability on Monday.
The rebasing led to a 34.4% upward revision of nominal GDP for 2024, now estimated at ₦372.82 trillion. This adjustment reflects expanded data coverage, particularly in services, real estate, and agriculture, while reducing the relative weight of the industrial sector.
Nigeria’s economy grew by 3.13% in real terms in Q1 2025, an improvement from 2.27% in Q1 2024, though slightly below the 3.76% growth in Q4 2024. The services sector remained the dominant contributor, accounting for 57.5% of real GDP.
