The Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5 percent, maintaining all key policy parameters in a move aimed at sustaining the country’s disinflation drive.
This was made known by the Governor of CBN, Mr. Olayemi Cardoso, on Monday during the Monetary Policy Committee (MPC) briefing held in Abuja.
According to Cardoso, the decision to maintain the current MPR reflects the Bank’s commitment to driving down inflation and promoting price stability across the economy.
“The Committee voted to retain the MPR at 27.5 percent, alongside the asymmetric corridor of +500/-100 basis points
“The Cash Reserve Ratio for Deposit Money Banks remains at 50 percent, with the Liquidity Ratio held at 30 percent,” he said.
He noted that Nigeria’s foreign reserves, as of July 18, stood at $40.1 billion—an amount sufficient to provide import cover for nine and a half months.
Cardoso also announced that eight Nigerian banks had successfully met the new recapitalisation requirements, a major milestone in the ongoing reforms in the financial sector.
He emphasized the importance of coordinated efforts between monetary and fiscal authorities, reiterating their shared goal of reducing the country’s inflation rate to a single digit.
