The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.5 per cent as part of efforts to sustain recent disinflationary momentum in the economy.
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CBN Governor, Mr. Olayemi Cardoso, made the disclosure on Tuesday while addressing journalists in Abuja following the 301st meeting of the apex bank’s Monetary Policy Committee (MPC).
Cardoso also confirmed that eight banks have fully met the new recapitalisation requirement, while others are making steady progress toward compliance.
According to him, the MPC unanimously agreed to maintain all key monetary policy parameters. These include keeping the MPR at 27.5 per cent, the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50 per cent, CRR for Merchant Banks at 16 per cent, and the Liquidity Ratio at 30 per cent.
Cardoso explained that the decision to retain the current policy rates was aimed at consolidating the gains recorded in curbing inflation in recent months.
He noted that while inflation remains high, the committee observed a downward trend that could be disrupted by premature easing of policy rates.
More details to follow.
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