CBN Cuts Interest Rates to 27% in Economic Stimulus Move
The Central Bank of Nigeria (CBN) has reduced interest rates by 50 basis points to 27% following the 302nd MPC meeting in Abuja. CBN Governor Olayemi Cardoso also announced adjustments to the cash reserve requirements for commercial and merchant banks.
The cash reserve ratio for non-TSA public sector deposits was set at 75%. The decision was based on the recent moderation in inflation levels.
These changes aim to stimulate economic growth and encourage lending while maintaining financial stability in the country.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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