The Central Bank of Nigeria, CBN, has retained the country’s Monetary Policy Rate, MPR, at 26.50 percent.
The apex bank governor, Olayemi Cardoso, disclosed this during a press briefing at the end of the 305th Monetary Policy Committee, MPC, meeting in Abuja on Wednesday.
Cardoso said the decision was unanimously agreed on by all the MPC members.
He noted 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 maintained.
Cardoso stated 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.
A recent survey by the CBN showed that the majority of Nigerians want the country’s interest rate cut.
The development comes as the country’s inflation rose both in April and March to 15.69 percent and 15.38 percent, respectively.
