CBN retains interest rate at 27%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained the country’s monetary policy rate at 27 per cent.

The CBN Governor, Olayemi Cardoso, announced this at a press conference during the Committee’s 303rd meeting in Abuja.

The MPR serves as the baseline interest rate in an economy; other interest rates used within the economy are built on it.

The Monetary Policy Committee also committed to maintaining a tight monetary stance.

The MPC pegged the Cash Reserve Ratio (CRR) at 45% for commercial banks, 16% for merchant banks, and 75% on non-TSA public sector deposits.