UPDATED: CBN RETAINS INTEREST RATE AT 27.5%

The Central Bank of Nigeria’s Monetary Policy Committee meeting has retained the country’s interest rate at 27.50 percent.

The CBN Governor, Olayemi Cardoso, disclosed this at the end of the 301st MPC meeting in Abuja today.

Cardoso noted that all members of the MPC agreed unanimously to maintain the interest rate amid sustained moderation in the inflation rate, which stood at 22.22 percent in July.

The Monetary Policy Committee also retained the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks.