The Central Bank of Nigeria’s monetary policy committee (MPC) has maintained the monetary policy rate (MPR) at 27.50 percent.

CBN Governor Olayemi Cardoso announced this decision during a press conference following the committee’s 299th meeting in Abuja.

Since the monetary policy committee commenced its efforts to raise the Monetary Policy Rate (MPR) back in May 2022, this particular group has undertaken a series of adjustments, resulting in a total of 15 increases to the interest rate.

This pattern of rate hikes reflects the committee’s ongoing response to economic conditions and aims to influence various financial factors in the economy.

Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Thursday after the committee’s 299th meeting in Abuja.

Since the monetary policy committee started raising the MPR in May 2022, the group has increased the interest rate 15 times.

CBN’s decision to hold the MPR followed a report by the National Bureau of Statistics (NBS) on Tuesday that Nigeria’s inflation rate dropped to 24.48 percent from 34.8 percent, after rebasing the consumer index price (CPI).

Speaking at the media briefing, Cardoso said the committee members unanimously voted to retain the rate at 27.50 percent.

The committee retained the cash reserve ratio (CRR) at 50 percent, and liquidity ratio at 30 percent.