The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent in January, the same rate as in November last year amid inflation drops.
It also held on to 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 made this disclosure 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.
This is the first stop in interest rate hikes since Cardoso took office in September 2023.
