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The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.50% following its 300th Monetary Policy Committee (MPC) meeting in Abuja.
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CBN Governor Olayemi Cardoso said the decision to pause further rate hikes was influenced by the recent decline in inflation to 23.7% as reported by the National Bureau of Statistics.
The Central Bank of Nigeria (CBN) has decided to keep the country’s interest rate unchanged at 27.50 percent, citing a slight easing in inflation as justification for the pause in monetary tightening.
CBN Governor, Olayemi Cardoso, made the announcement at a press briefing on Tuesday following the 300th Monetary Policy Committee (MPC) meeting in Abuja. “The committee unanimously agreed to retain MPR at 27.50 percent,” Cardoso stated.
In addition to the MPR, the MPC resolved to retain the Cash Reserve Ratio (CRR) at 50 percent for commercial banks and 16 percent for mortgage banks.
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The liquidity ratio was also held at 30 percent, with the asymmetric corridor maintained at +500/-100 basis points around the MPR.
Cardoso noted that the decision reflects confidence in recent data from the National Bureau of Statistics, which showed that Nigeria’s inflation rate eased slightly to 23.7 percent in April.
The MPC had similarly kept rates steady in February amid a cooling inflation outlook.
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