- Safiu Kehinde
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has dropped the Monetary Policy Rate (MPR) to 26.5 percent as against the initial 27.0 percent.
Olayemi Cardoso, the CBN Governor, made the announcement in a communique issued after the conclusion of the apex bank’s 304th MPC meeting held on Tuesday.
Cardoso announced that the MPR was reduced by 50 bps.
However, the MPC retained the Cash Reserve Ratio (CRR) at 45 percent for Commercial Banks and 16 percent for Merchant Banks.
On the other hand, the Liquid Ratio stand at 30 percent while the Standard Facilities Corridor was retained at +50/ -450 Basis Points.
More details later…