The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has, for the first time in 10 meetings under Governor Olayemi Cardoso, reduced the Monetary Policy Rate (MPR) by 50 basis points to 27%.
The move marks a departure from the MPC’s previous stance, where the policy rate was raised on six occasions by a total of 875 basis points, and retained for three consecutive meetings at 27.50%.
Alongside the rate cut, the Committee adjusted the asymmetric corridor and reduced the Cash Reserve Ratio (CRR) for commercial banks to 45%, while leaving other key policy parameters unchanged.
Explaining the decision, the MPC cited the sustained disinflation trend over the past five months and the need to stimulate economic recovery, while reaffirming its commitment to enhancing efficiency in the interbank market.
📩 Reported by: Stone Reporters News
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