- Safiu Kehinde
The Central Bank of Nigeria (CBN) has retained its key lending rate, known as the Monetary Policy Rate (MPR), at 27.5 per cent.
This was announced by the Governor of CBN, Yemi Cardoso, following the 301st Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
Cardoso said that all 12 MPC members voted unanimously to hold all key monetary parameters which, alongside the MPR, include the Cash Reserve Ratio (CRR) and the Liquidity Ratio (LR).
As highlighted in a post shared on the CBN’s official X handle, the committee retained the CRR at 50 percent for deposit money banks and 16 percent for merchant banks.
It also retained liquidity ratio at 30 per cent, and the asymmetric corridor was held at +500/-100 basis points around the MPR.
According to reports, the decision marked the third consecutive time that the MPC would retain the rates.