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The Central Bank of Nigeria (CBN) on Wednesday retained the Monetary Policy Rate (MPR) at 26.5 percent.
The CBN Governor, Yemi Cardoso, disclosed this in a communiqué at its 305th Monetary Policy Committee (MPC) meeting in Abuja.
This marks a shift from the committee’s aggressive tightening stance informed by its inflation-targetting posture.
Cardoso announced that the MPC also retained the Cash Reserve Ratio (CRR) at 45 percent for commercial banks, 16 percent for merchant banks, and 75 percent for non-TSA public sector deposits.
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He said that Standing Facilities Corridor was also retained at +50 / -450 basis points around the MPR.
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