The Central Bank of Nigeria (CBN), on Tuesday, announced a reduction in its Monetary Policy Rate (MPR) by 50 basis points and cut the interest rate from 27.5 percent to 27 percent.
CBN governor, Olayemi Cardoso, announced this at the 302nd meeting of its Monetary Policy Committee (MPC) on Tuesday.
The unanimous decision also included a cut in the Cash Reserve Ratio (CRR) for Deposit Money Banks to 45 percent, while maintaining the CRR for Merchant Banks at 16 percent.
The Liquidity Ratio remains unchanged at 30 percent.
Additionally, the MPC adjusted the asymmetric corridor around the MPR to +250/-250 basis points, aiming to balance economic growth and inflation control amidst ongoing economic challenges.
Cardoso said the move is to ease monetary conditions in Africa’s largest economy, which has been grappling with high inflation and currency pressures.
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