The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.
The apex bank also retained the Cash Reserve Ratio, CRR at 50 basis points and the liquidity ratio, LR, at 30 percent and the asymmetric corridor at plus 500/minus 100 basis points.
CBN Governor, Olayemi Cardoso disclosed this in a press briefing on Thursday after 299th MPC in Abuja.
The apex bank boss explained that the rate pause was necessary following the recent inflation decline, which dropped to 24.48 percent in January after the Consumer Price Index rebase.
“He said: “The committee was unanimous in its decision to hold all parameters and thus decided as follows: retain the MPR at 27.50%, retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points. Retain the cash reserve ratio of deposit money banks at 50% and merchant banks at 16% and retain the liquidity ratio at 30%.”The members of the MPC unanimously agreed to retain the interest rate at 27.50 percent” he stated.
This is the first pause in interest rate hikes since Cardoso took office in September 2023.