For the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent.

CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting.

Cardoso said all 12 MPC members voted unanimously to hold all key monetary parameters.

The committee retained the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks.

The Liquidity Ratio remains at 30 per cent, and the Asymmetric Corridor was held at +500/-100 basis points around the MPR.

The News Agency of Nigeria (NAN) reports that since February 2024, the MPC under Cardoso had raised the MPR from 18.5 per cent to 27.5 per cent before opting to pause rate hikes with this latest decision.(NAN)