JUST IN: CBN Retains Monetary Rates at 27.5%

The Central Bank of Nigeria (CBN) has retained Monetary Policy Rates (MPR) at 27.5 per cent.

Central Bank Governor, Olayemi Cardoso, made the disclosure in Abuja while briefing the press on the outcome of the 300th meeting of the Monetary Policy Committee (MPC) of the apex Bank

“All 12 members of the Committee were present and the decision of the committee was unanimous to maintain rates at 27.5 per cent and cash reserve ratio for Deposit Money Banks at 50 per cent and 16 per cent for merchant banks

“Also Liquidity Ration of banks was also maintained at 30 per cent,” Cardoso said.

He added that the Committee’s decision was hinged om the moderation of food inflation and success in the fight against insecurity especially in farming communities.

Daily Trust