The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to keep the country’s benchmark interest rate steady at 27.5%......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
CBN Governor Olayemi Cardoso announced this on Thursday during a press briefing following the 299th MPC meeting in Abuja.
“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%,” Cardoso stated.
This decision comes after a series of six consecutive rate hikes in 2024, signaling a cautious approach to monetary policy.
More details to follow.