CBN retains interest rate at 26.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Wednesday retained all major monetary policy parameters at its 305th meeting, keeping the benchmark interest rate unchanged.

According to the committee’s decisions, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, was maintained at 26.5 per cent.

The MPC also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks, while non-Treasury Single Account (non-TSA) public sector deposits remain subject to a 75 per cent CRR.

In addition, the committee left the standing lending and deposit facility corridor unchanged at +50 and -450 basis points around the MPR.