The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has reduced the benchmark interest rate to 27 per cent, down from 27.5 per cent in July, in its latest effort to stabilise the economy. Naija News reports that the Committee also announced fresh adjustments to banks’ cash reserve obligations. The MPC cites continued disinflation and a positive outlook for the economy for the latest review. In line with the new policy stance, the Cash Reserve Requirement (CRR) for commercial banks was reduced to 45 per cent, while that of merchant banks was retained at 16 per cent. Briefing journalists after the meeting, CBN Governor, Olayemi Cardoso, said the rate cut was informed by positive economic signals.