CBN Retains MPR At 27.50%, Others Parameters Unchanged

Two days after the National Bureau of Statistics (NBS) released a rebased inflation figure for the month of May. the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Thursday resolved to keep all monetary tools unchanged, retaining the Monetary Policy Rate (MPR), the benchmark interest rate, at 27.50 per cent. 

The apex bank, also left the asymmetric corridor of +500/-100 basis points around the MPR unchanged, the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50 per cent, and that of Merchant Banks at 16 per cent as well as the Liquidity Ratio (LR) at 30 per cent.

Addressing journalists at the end of the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee was unanimous in its decision to hold rates at current levels.

Cardoso, disclosed at the end of the 299th MPC meeting in Abuja that the “committee was unanimous in its agreement to hold all parameters

Bamidele Ogunwusi is a financial journalist with a strong analytical mind on issues that surround the financial sector.

A graduate of Obafemi Awolowo University, Ile-Ife has garnered experience both locally and internationally in finance reporting.

He has received awards and certificates from notable organisations like: the Centre for Investigative Journalism, Lagos, Bloomberg and Press Association, UK.