Nigeria: CBN Retains Interest Rates At 27.5 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained Monetary Policy Rates at 27.5 per cent

Governor of the Central Bank, Olayemi Cardoso, made the disclosure while briefing the media after the 301st MPC meeting in Abuja, on Tuesday.

He said the Committee voted to retain Monetary Policy Rates at 27.5 per cent. retain cash reserve ratio for Deposit Mobey Banks at 50 per cent and Merchant banks at 16 per cent

“Also Liquidity Ratio has been maintained at 30 per cent,” he said.

Cardoso added the decision was premised on the need to sustain efforts in curbing inflation and sustain price as it will address emerging monetary pressures.

He also revealed that 8 banks had so far met recapitalisation requirements of the CBN while others were working hard to meet up.

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