Punch reports that the Monetary Policy Committee cut the benchmark rate by 350 basis points, from 26.5 percent to 23 percent. Governor Olayemi Cardoso called it a recalibration that keeps a restrictive stance, not an easing. Nairametrics reports the same cut, from 26.5 percent to 23 percent, at the 307th meeting, and describes it as the biggest since 2006. A figure of 27.5 percent as the old rate appears in another outlet and is rejected.
Punch says the Monetary Policy Committee cut the benchmark by 350 basis points to 23 percent from 26.5 percent. Governor Olayemi Cardoso described the move as a recalibration that keeps a restrictive stance, not an easing. Nairametrics reports the same path, from 26.5 percent to 23 percent, at the 307th meeting, and calls it the biggest cut since December 2006 and the second cut this year.[1], [2]
One outlet reported the previous rate as 27.5 percent. Punch and Nairametrics both say 26.5 percent. The 27.5 figure is not used. Cardoso's distinction, recalibration rather than easing, is Punch's report of the governor. Nairametrics's superlative, the biggest cut since 2006, is that page's comparison, not a figure Punch's summary states.[1], [2]
Punch says that at the 307th meeting the corridor was reset to 50 basis points above the policy rate and 300 basis points below it. The cash reserve ratio stays at 45 percent for deposit banks, 16 percent for merchant banks and 75 percent for public deposits outside the treasury single account. Those operating details are Punch's. The shared news is the 350-basis-point cut from 26.5 percent to 23 percent, with the governor refusing the word easing.[1], [2]
