The Central Bank of Nigeria’s Monetary Policy Committee kept the country’s interest rate at 27.50 percent in January, the same level as in November of last year, despite falling inflation.
It also retained the Cash Reserve Ratio, CRR at 50 basis points and the liquidity ratio, LR, at 30 percent and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.
CBN Governor, Olayemi Cardoso disclosed this in a press briefing on Thursday after 299th MPC in Abuja.
The apex bank boss explained that the rate pause was necessary following the recent inflation decline, which dropped to 24.48 percent in January after the Consumer Price Index rebase.
“The members of the MPC unanimously agreed to retain the interest rate at 27.50 percent” he stated.
