BREAKING: CBN Sticks To 27.5% Interest Rate As Inflation Remains A Concern

During the 301st Monetary Policy Committee (MPC) meeting held in Abuja, the Central Bank of Nigeria (CBN) announced that it will keep the Monetary Policy Rate at 27.5%. Governor Olayemi Cardoso revealed this decision to the media, stating that the cash reserve ratio will remain at 50% for Deposit Money Banks and 16% for Merchant Banks. The liquidity ratio is also maintained at 30%. This move is intended to manage inflation and respond to emerging monetary pressures. Additionally, Cardoso mentioned that eight banks have met the CBN’s recapitalisation standards, while others are making progress towards this goal.