Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.5%.
The apex bank also retained the standing facilities corridor at +50 to -450 basis points and left Cash Reserve Requirements unchanged — 45% for deposit money banks, 16% for merchant banks, and 75% for non-TSA public sector deposits.
Olayemi Cardoso, Governor of the CBN, announced the decision on Tuesday following the Monetary Policy Committee meeting.
Details soon…