CBN retains interest rate at 27.5% to sustain disinflation drive – The Sun Nigeria

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has decided to retain all key monetary policy parameters, leaving the Monetary Policy Rate (MPR) unchanged at 27.5 per cent.

Speaking at a press briefing in Abuja on Tuesday, following it’s Monetary Policy Committee (MPC) meeting, the CBN Governor, Olayemi Cardoso, said the Committee also left the asymmetric corridor around the MPR at +500/-100 basis points, kept the Cash Reserve Ratio, CRR, for deposit money banks at 15 per cent, and retained the liquidity ratio at 30 per cent.

Cardoso said the decision to hold rates was driven by the need to consolidate the gains recorded in curbing inflation, adding that Nigeria recorded a third consecutive month of headline inflation decline in June.

More details to follow….