CBN Retains Monetary Rates At 27.5%
The Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5%, as part of efforts to stabilise the economy and manage inflation.
This was made known by the Governor of the apex bank, Mr Olayemi Cardoso, during a press briefing in Abuja following the 300th meeting of the Monetary Policy Committee (MPC), held on Monday.
Cardoso, while addressing journalists, disclosed that all 12 members of the Committee were present at the meeting and unanimously agreed to hold the MPR at 27.5 per cent.
In the same vein, the Committee also resolved to maintain the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50 per cent and that of merchant banks at 16 per cent. The liquidity ratio was also left unchanged at 30 per cent.
According to the CBN boss, the decision to retain all rates was influenced by the recent moderation in food inflation and recorded successes in the ongoing efforts to curb insecurity, particularly in farming communities.
He noted that the stability in the rates is crucial in ensuring that the economy does not experience shocks that may arise from abrupt policy shifts, while also affirming the commitment of the apex bank to ensuring monetary stability and supporting productive sectors of the economy.
The MPC, which is the highest monetary policy decision-making body of the CBN, meets regularly to assess economic indicators and provide strategic direction for Nigeria’s financial system.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
