CBN retains headline lending rate at 27.50%

For the second time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 percent.

The Governor of the CBN, Olayemi Cardoso, announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting.

Cardoso said all 12 MPC members voted unanimously to hold all key monetary parameters.

The committee retained the Cash Reserve Ratio at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks.

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The Liquidity Ratio remains at 30 percent, and the Asymmetric Corridor was held at +500/-100 basis points around the MPR.

The News Agency of Nigeria reports that since February 2024, the MPC under Cardoso had raised the MPR from 18.5 percent to 27.5 percent before opting to pause rate hikes with this latest decision.