The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the country’s monetary policy rate at 27 per cent.
The Governor of the CBN, Mr. Olayemi Cardoso, told journalists at a news conference after the MPC meeting in Abuja on Tuesday that the committee was committed to maintaining a tight monetary stance and pegged the Cash Reserve Ratio (CRR) at 45% for commercial banks, 16% for merchant banks, and 75% on non-TSA public sector deposits.
He stated that the Liquidity Ratio (LR) was maintained at 30% and adjusted the Standing Facilitiy Corridor to +50 / -450 basis points around the MPR.
Cardoso explained that the Committee’s decisions reflect its focus on achieving low and stable inflation and welcomed the continued deceleration in headline inflation, driven by sustained monetary tightening, stable exchange rate, and PMS price stability.
The MPC, according to Cardoso, noted that inflation remains high and requires continued and coordinated policy efforts to bring it down further
He disclosed that the Committee acknowledged the progress recorded in bank recapitalisation and confirmed that 16 banks had met the regulatory requirements on banks recapitalization.
The CBN Governor also reaffirmed the commitment of the MPC to evidence-based monetary policy to safeguard price stability and strengthen financial system resilience.
GIK/APA