The Central Bank of Nigeria CBN’s Monetary Policy Committee has reduced the interest rate to 27 per cent from 27.5 per cent in July.
The committee also reduced the cash reserve requirement to 45 percent for commercial banks and 16 percent for merchant banks
It has also introduced a 75 percent cash reserve requirement on non-TSA public sector deposits.
Meanwhile, the liquidity ratio has been left unchanged at 30 percent.
