CBN Retains Interest Rates at 26.5%

The Monetary Policy Committee of the Central Bank of Nigeria has retained Monetary Policy Rates (MPR) otherwise know as interest rates at 26.5 per cent

Addressing the media at the end of the 305th MPC meeting in Abuja on Wednesday, the CBN governor, Olayemi Cardoso, said the committee also retained standing facility corridor around MPR at +50 -450 basis point

“The Committee also retained cash reserve requirements at 45 per cent for commercial banks and 16% for merchant banks and non TSA public sector deposits at 75 %,” he added

On the rationale for the decision, Cardoso stated that “The decision to retain was anchored on comprehensive assessment of risk to both global and domestic outlook, as the Committee notes that although inflation increased in last 2months due to global shocks, MPC has recognised its transitionary nature and its confident that macroeconomic environment will support return to disinflation.”

He further stated that 11 members of the committee were in attendance