CBN Retains MPR at 27%

James Emejo in Abuja

The Central Bank of Nigeria (CBN), Tuesday, resolved to keep the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at 27 per cent.The central bank, however, adjusted the standing facility corridor around the MPR at +50 to -450 basis points, and retained the Cash Reserve Requirement (CRR) for deposit money banks at 45 per cent, merchant banks at 16 per cent, and 75 per cent for non-TSA public sector deposits as well as kept the Liquidity Ratio unchanged at 30 per cent.Addressing journalists after the two-day meeting of the Monetary Policy Committee (MPC), in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee’s decision was underpinned by the need to sustain the progress made so far towards achieving low and stable inflation.

Details later…