CBN interest rate stands at 27.5%, foreign reserve 40.1 billion, 8 banks meet recapitalisation requirements
Yemi Cardoso
CBN interest rate stands at 27.5%, foreign reserve 40.1 billion, 8 banks meet recapitalisation requirements
The Central Bank of Nigeria (CBN) has maintained the current Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Consequently, the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
Mr. Cardoso explained that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing disinflation while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation targets.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
