The Central Bank of Nigeria’s Monetary Policy Committee, MPC, on Tuesday cut the interest rate from 27.50 percent to 27 percent from 27.50 percent.
CBN Governor, Olayemi Cardoso, announced this at a press conference after the two-day 302nd MPC meeting in Abuja.
According to him, the members of the MPC unanimously agreed to the cut due to the country’s inflation decline for the past five months.
MPC also adjusted the Cash Reserve Ratio, CRR, to 45 percent for Deposit Money Banks and 16 percent for Merchant Banks.
It also adjusted the asymmetric corridor at +250/-250 basis points around the MPR.
The committee retained the liquidity ratio, LR, at 30 percent.
