The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 percent.
The Governor of the CBN, Olayemi Cardoso, revealed this in a communique from the 306th meeting of the committee on Tuesday.
Cardoso, who doubles as the Chairman of the committee, said after the meeting in Abuja that 11 members present at the meeting unanimously agreed on the policy decisions.
He said that the committee also agreed to retain the Standing Facilities Corridor at +50/-450 basis points around the MPR.
He said that the Cash Reserve Ratio (CRR) was also retained at 45 percent for Deposit Money Banks, 16 percent for Merchant Banks, and 75 percent for non-TSA public sector deposits.
The News Agency of Nigeria (NAN) reports that the committee had earlier retained all the policy rates in its 305th meeting in May, after marginally reducing the MPR by 50 basis points in February.
This lowered the benchmark interest rate from 27.00 percent to 26.50 percent.
