JUST IN: CBN Cuts Interest Rate to 27%

he Central Bank of Nigeria’s Monetary Policy Committee has reduced the interest rate to 27 percent from 27.5 percent in July.

The MPC also reduced the cash reserve requirement to 45 percent for commercial banks and 16 percent for merchant banks.

The Committee equally introduced a 75 percent cash reserve requirement on non-TSA public sector deposits.

Meanwhile, the liquidity ratio has been left unchanged at 30 percent.

CBN Governor, Olayemi Cardoso, announced this after the MPC meeting in Abuja on Tuesday.

Details soon….