The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced interest rates by 50 basis points from 27.5 per cent to 27 per cent

The Central Bank Governor, Olayemi Cardoso, made the disclosure while briefing the media on the outcome of the 302nd MPC meeting in Abuja, on Tuesday.

Cardoso also announced that cash reserve requirement for commercial banks is adjusted to 45 per cent while that of merchant banks is retained at 16 per cent

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The bank also Introduced a 75 per cent cash reserve ratio on non TSA public sector deposit

The governor explained that the decision of the MPC was premised on the recent moderation in inflation