The Central Bank of Nigeria’s Monetary Policy Committee, MPC, on Tuesday slashed the interest rate from 27.50 percent to 27 percent from 27.50 percent
Governor of the apex bank, Olayemi Cardoso, announced this at a news conference after the two-day 302nd MPC meeting in Abuja.
Cardoso said the members of the MPC unanimously agreed to the slash because of Nigeria’s inflation decline for the past five months.
He added that MPC also adjusted the Cash Reserve Ratio, CRR, to 45 percent for Deposit Money Banks and 16 percent for Merchant Banks.
It also adjusted the asymmetric corridor at +250/-250 basis points around the MPR.
The committee held on to the liquidity ratio, LR, at 30 percent.
JESNews correspondent reports that this is the first CBN-announced interest rate reduction since May 2023, when it was cut from 18 percent to 17.5 percent.
