The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has decided to keep the nation’s interest rate steady at 27.50 percent.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday in Abuja at the conclusion of the 301st MPC meeting.

Cardoso noted that the decision was unanimously supported by all committee members, citing the continued moderation in the inflation rate, which stood at 22.22 percent in July.

The MPC also maintained the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks. Additionally, the liquidity ratio (LR) remains at 30 percent, with the asymmetric corridor held at +500/-100 basis points around the MPR.

This marks the third consecutive meeting where the apex bank has retained the interest rate at 27.50 percent, following similar decisions in February and May.

Earlier, economist Bismark Rewane had projected a potential 25 basis point rate cut during the July MPC meeting, basing his outlook on global inflation trends and a decline in domestic inflation.

Similarly, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, stated that manufacturers were hoping for a reduction in interest rates to ease operational pressures.

As previously reported, Nigeria’s economy grew to N372.8 trillion in 2024 following the rebasing of its Gross Domestic Product (GDP).