The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent in January, the same rate as in November last year amid inflation drops.
The apex bank also retained the Cash Reserve Ratio, CRR at 50 basis points and the liquidity ratio, LR, at 30 percent and the asymmetric corridor at +500/-100 basis points around the MPR.
In the same vein, other monetary policy decisions were retained.
The CBN Governor, Olayemi Cardoso who disclosed this in a press briefing on Thursday after 299th MPC in Abuja, explained that the rate pause was necessary following the recent inflation decline, which dropped to 24.48 percent in January after the Consumer Price Index rebase.
This comes as economists and financial experts have, in the last months, called for an interest rate pause.
The Centre for the Promotion of Private Enterprise has been championing a call for a pause in the nation’s interest rate hike.
