CBN also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks.
By Kehinde Okeowo
The Central Bank of Nigeria (CBN) on Tuesday cut the interest rate from 27 per cent to 26.50 per cent, reducing it by 50 basis points.
This was disclosed by the CBN Governor, Olayemi Cardoso, during a press briefing after the apex bank’s 304th Monetary Policy Committee meeting.”
According to Cardoso, the decision was unanimously agreed upon by all members of the MPC.
He added that the committee retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was also maintained.
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The CBN Governor went on to say that the liquidity ratio was retained at 30 per cent, and the standing facilities corridor was adjusted to +50/–450 basis points around the monetary policy rate.
Cardoso, while addressing journalists, said: “The committee decided to reduce the monetary policy rate by 50 basis points to 26.50 per cent.”
In November 2025, the MPC retained the Monetary Policy Rate (MPR) at 27.00 per cent.
The last time the Central Bank cut the interest rate was in September last year, from 27.50 per cent to 27 per cent.
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