CBN Cuts Interest Rate to 27% in Policy Adjustment, Strengthens Liquidity Management
The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 27% in a policy adjustment. The CBN Governor, Olayemi Cardoso, announced the decision following the conclusion of the Monetary Policy Committee's 302nd meeting in Abuja.
Additionally, the Cash Reserve Ratio (CRR) for commercial banks was cut to 45%, with merchant banks retaining 16%. A 75% CRR was introduced for public sector deposits.
The move aims to strengthen liquidity management and signal the financial market. This decision reflects a cautious attempt to ease monetary conditions in response to moderating inflation and improving macroeconomic indicators in Nigeria.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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