The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has resolved to maintain all key monetary policy parameters, including interest rate atat 27.50 percent following its 301st meeting.
This was disclosed by the CBN Governor, Olayemi Cardoso, on Tuesday in Abuja while briefing journalists after the MPC meeting.
He said the committee decided to retain the Monetary Policy Rate (MPR) at 27.50 percent; the asymmetric corridor around the MPR at +500/-100 basis points; the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks; while the Liquidity Ratio (LR) remains unchanged at 30 percent.
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Cardoso said the decision was taken to sustain the momentum of disinflation and sufficiently contain inflationary pressures.
He also noted that eight Deposit Money Banks (DMBs) in the country have met the recapitalisation requirements set by the CBN, while others are making progress towards compliance.
Details later…
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