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.