JUST IN: CBN Retains Interest Rate at 27.5%, Maintains Key Monetary Policy Indicators
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.5%, following the conclusion of its 301st Monetary Policy Committee (MPC) meeting held on Tuesday in Abuja.
CBN Governor, Mr. Olayemi Cardoso, announced the decision during a post-meeting press briefing, stating that the Committee voted to maintain the current monetary policy stance in a bid to contain inflation and stabilize prices.
According to Cardoso, the MPC resolved to:
Retain the Monetary Policy Rate at 27.5%
Maintain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks
Hold the Liquidity Ratio steady at 30%
Cardoso explained that the decision was driven by the need to sustain the ongoing fight against inflation and manage emerging monetary pressures.
“The Committee believes that maintaining the current rates will help consolidate recent gains in price stability and support macroeconomic resilience,” he said.
On the ongoing banking sector recapitalization drive, the CBN Governor disclosed that eight banks have so far met the recapitalization requirements set by the apex bank, while others are making significant progress toward compliance.
He reaffirmed the CBN’s commitment to strengthening the financial system, ensuring monetary stability, and supporting sustainable economic growth.
