The Central Bank of Nigeria has retained the monetary policy rate at 27 percent for the fourth consecutive time, maintaining its tight monetary stance.
The Central Bank of Nigeria (CBN) has again held the country’s monetary policy rate (MPR) at 27 percent, marking the fourth consecutive retention following similar decisions in February, May, and July.
CBN Governor Olayemi Cardoso announced the outcome during a news conference on Tuesday at the 303rd meeting of the monetary policy committee (MPC) in Abuja.
The MPR, which serves as the benchmark from which all other interest rates in the economy are derived, remains unchanged as the MPC continues its policy stance aimed at guiding economic stability.