The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted “unanimously” to retain the Monetary Policy Rate (MPR) at 27.50%; retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
Mr. Olayemi Cardoso, the Governor of CBN, made this known at the MPC briefing in Abuja this afternoon.
The Nigerian Apex Bank Governor explained, the move to retain the current MPR was based on the need to continue to ensure the ongoing disinflation while intensely making sure prices are lowering.
According to the CBN: “The Monetary Policy Committee (MPC) voted unanimously to retain the Monetary Policy Rate (MPR) at 27.50%; retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
“The Committee retains the Liquidity Ratio (LR) at 30% and the Asymmetric Corridor at +500/-100 basis points around the MPR.”
Photo: Olayemi Cardoso, CBN Governor
