The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has reduced the benchmark interest rate to 27 per cent, down from 27.5 per cent in July, in its latest effort to stabilise the economy.
Naijaonpoint reports that the Committee also announced fresh adjustments to banks’ cash reserve obligations. Commercial banks will now operate with a 45 per cent Cash Reserve Requirement (CRR), while merchant banks have been pegged at 16 per cent.
In a significant policy shift, the MPC also introduced a 75 per cent CRR on non-TSA public sector deposits, aimed at tightening control over idle government funds outside the Treasury Single Account framework.
Despite the changes, the MPC left the liquidity ratio untouched at 30 per cent, signalling the Bank’s intention to maintain a balance between credit flow and financial stability.
More details shortly…
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