The Monetary Policy Committee of the Central Bank of Nigeria has maintained the country's interest rate at 27.50 percent. CBN Governor Olayemi Cardoso announced this during a press briefing on Tuesday following the 300th MPC meeting held in Abuja. “The committee unanimously agreed to retain MPR at 27.50 percent,” he stated. Cardoso further stated that the MPC resolved to keep the Cash Reserve Ratio (CRR) at 50 percent for commercial banks and 16 percent for mortgage banks. The Liquidity Ratio (LR) remains at 30 percent, while the asymmetric corridor around the Monetary Policy Rate (MPR) is retained at +500/-100 basis points. All other monetary policy parameters were also left unchanged. He explained that the committee’s decision to pause interest rate hikes was influenced by a decline in Nigeria’s inflation rate, which eased to 23.7 percent in April. The National Bureau of Statistics reported last week that the country’s consumer price index showed a drop in inflation to 23.7 percent.