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CBN retains lending rate at 26.6%

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CBN Cuts Interest Rate to 27% as Inflation Decelerates

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), at its 305th meeting on Wednesday voted on policy parameters as follows to retain the Monetary Policy Rate (MPR) at 26.5 per cent.

This marks a shift from the committee’s aggressive tightening stance informed by its inflation-targetting posture.

The CBN Governor, Yemi Cardoso, presented the communique from the meeting.

Cardoso announced that the MPC also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for nerchant banks, and 75 per cent for non-TSA public sector deposits.

He said that Standing Facilities Corridor was also retained at +50 / -450 basis points around the MPR.

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Kadiri Abdulrahman

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