CBN CUTS MONETARY POLICY RATE TO 26.5% TO BOOST ECONOMY

Nigeria’s central bank trims key interest rate by 50 basis points, signaling a push to support growth while keeping liquidity stable.

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 27% to 26.5%, CBN Governor Yemi Cardoso announced after the 304th Monetary Policy Committee (MPC) meeting in Abuja.

The committee also retained the Cash Reserve Ratio (CRR) at 45% for commercial banks and 16% for merchant banks, while keeping the Liquidity Ratio at 30% and the Standing Facilities Corridor at +50/-450 basis points around the MPR to guide financial stability.