BREAKING: CBN cuts interest rate to 23%

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 23 per cent from 26.5 per cent.

The CBN Governor, Olayemi Cardoso, made the announcement while briefing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja.

He said: “The committee examined recent trends in the global and domestic economic environment. It considered emerging risks to the outlook and evaluated their potential implications for monetary policy.

“The committee decided as follows. One, reset the monetary policy rate at 23%.

“Two, recalibrate the standing facilities corridor to plus 50 to minus 300 basis points around the MPC. Three, retain the cash reserve requirement, CRR, for deposit money banks at 45%, merchant banks at 16%, and non-TSA public sector deposits at 75%.

The committee decided to reset the MPR and recalibrate the policy corridor as an important operational realignment aimed at strengthening monetary policy transmission and reinforcing the primacy of the Monetary Policy Committee.”

More details to follow…

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