The apex bank reached the decision in its latest Monetary Policy Committee meeting, the 299th.

The Central Bank of Nigeria has announced retaining Monetary Policy Rate at 27.50%.

The apex bank reached the decision in its latest Monetary Policy Committee meeting, the 299th.

"The Monetary Policy Committee (MPC) voted unanimously to retain the Monetary Policy Rate (MPR) at 27.50%; retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks," a statement by the apex bank reads.

"The Committee retains the Liquidity Ratio (LR) at 30% and the Asymmetric Corridor at +500/-100 basis points around the MPR," the statement further reads.

It would be recalled that the Central Bank of Nigeria increased monetary policy rate to 27.50% in November 2024 from the earlier 27.25% in which it was pegged.

This increase in November, would make borrowing becomes costlier.

The CBN also aims to use monetary policy rates to control inflation, it also is aimed at ensuring that the naira becomes stronger.

According to a post on the official X account of the CBN, the bank voted to increase monetary policy rate by 250 points in November.

"The Monetary Policy Committee (MPC) Voted unanimously to raise Monetary Policy Rate (MPR) by 250 basis point from 27.25% to 27.50%" the statement read.

The CBN also voted to "retain Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks."

"The Committee also retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR." the apex bank posted.