CBN holds MPR at 27.5%, maintains other key rates

By Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has voted to hold all key monetary policy rates, setting the Monetary Policy Rate (MPR) at 27.5%, following a 25-basis-point increase from 27.25%.

The decision was announced by CBN Governor, Yemi Cardoso, during a press briefing following the Monetary Policy Committee (MPC) meeting in Abuja on Thursday.

The apex bank also retained the asymmetric corridor around the MPR at +500/-100 basis points. Additionally, the Cash Reserve Ratio (CRR) for Deposit Money Banks was maintained at 50%, while Merchant Banks will continue to operate with a CRR of 16%.

The Liquidity Ratio also remains unchanged at 30%.