The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate (MPR) from 27 percent to 26.5 percent.
Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 304th meeting in Abuja.
Cardoso said the decision was unanimously agreed upon by all members of MPC.
He said the committee retained the Cash Reserve Ratio (CRR) at 45 percent for commercial banks and 16 percent for merchant banks, while the 75 percent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the liquidity ratio was retained at 30 percent, and the standing facilities corridor was adjusted to +50/-450 basis points around the monetary policy rate.
“The committee decided to reduce the monetary policy rate by 50 basis points to 26.50 percent,” he said.