The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday reduced the country’s benchmark interest rate, the Monetary Policy Rate (MPR), from 27.5 per cent to 27 per cent.
CBN Governor, Yemi Cardoso, announced the decision while presenting a communiqué from the 302nd meeting of the MPC.
The move signals a shift from the aggressive tightening stance the committee had maintained since 2024.
Cardoso explained that the committee also voted to lower the Cash Reserve Ratio (CRR) for commercial banks to 45 per cent from 50 per cent, while retaining it at 16 per cent for merchant banks.
According to him, the MPC further retained the Liquidity Ratio at 30 per cent and adjusted the Asymmetric Corridor to +250/-250 basis points from +500/-100 basis points around the MPR.
