Nigeria: CBN Reduces Interest Rates By 50 Basis Points to 26.5 Percent

By Philip Shimnom Clement

The Central Bank of Nigeria (CBN) has reduced Monetary Policy Rates (MPR) by 50 basis points from 27 per cent to 26.5 per cent

Central Bank governor, Olayemi Cardoso, made the disclosure while briefing the media at the end of the 304th Monetary Policy Committee meeting in Abuja on Tuesday

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"The Committee decided to reduce monetary policy rates by 50 basis points to 26.5%

"Also, Committee decided to retain the cash reserve requirements for deposit money banks at 45 percent and merchant banks at 16 per cent as well as 75 per cent for non TSA public sector deposit," Cardoso said

He said the decision of the Committee was premised on balanced evaluation on risk to outlook which suggest that disinflation will continue as a result of previous monetary policies and enhanced food supplies

The CBN governor added that. "The committee also took account of sustained deceleration of inflation year on year marking the 11th consecutive decline."

He also disclosed that 11 members of the Committee were in attendance

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