MPC Keeps Benchmark Interest Rate at 27.50%

MPC Keeps Benchmark Interest Rate at 27.50%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at today’s policy meeting voted to retain the benchmark interest rate at 27.50% as the inflation rate fell sharply to 24.48%.

At the end of the two-day meeting, the monetary authority also agreed to retain the asymmetric corridor at +500bps/-100bps. The Cash Reserves Ratio (CRR) for deposit money banks is also kept at 50.0% and merchant banks at 16.0%. The committee also retain liquidity rate at 30.0%

…to be continued