The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 50 basis points, bringing it down from 27.5 per cent to 27 per cent. The decision was taken at the 302nd meeting of the Monetary Policy Committee (MPC), held in Abuja on Tuesday.CBN Governor, Olayemi Cardoso, who briefed journalists after the meeting, said the move reflects the committee’s assessment of recent economic indicators,
Particularly the gradual moderation in inflation. He explained that the adjustment is part of broader efforts to balance price stability with the need to stimulate growth in the economy.In addition to the rate cut, the apex bank announced a review of other monetary measures.
The cash reserve requirement (CRR) for commercial banks has been raised to 45 per cent, while that of merchant banks was retained at 16 per cent. Cardoso further disclosed that a 75 per cent CRR has been introduced for non-Treasury Single Account (TSA) public sector deposits.According to him, these policy measures are designed to strengthen the banking sector, curb excess liquidity, and align with the government’s overall economic reform agenda. He stressed that the MPC will continue to monitor economic conditions closely to ensure that its decisions support stability while creating room for sustainable growth.
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CBN Eases Monetary Policy with 50 Basis Point Cut
The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 50 basis points, bringing it down from 27.5 per cent to
