Citing the need to sustain disinflation and sufficiently contain price pressures, the Central Bank of Nigeria (CBN) on Tuesday announced the retention of the Monetary Policy Rate (MPR) at 27.5%, for the seventh time an outcome of the 301st Monetary Policy Committee (MPC) meeting held in Abuja.
“The decision was premised on the need to sustain disinflation and sufficiently contain price pressure,” Cardoso stated, highlighting the committee’s cautious optimism over recent economic indicators.
Interestingly, all the members of the MPC voted unanimously to maintain the MPR at 27.5%, signaling a unified stance among policymakers amid lingering inflationary pressures and exchange rate volatility.
Other key decisions made by the MPC were, the retention of CRR at 50% for Deposit Money Banks and Merchant Banks at 16% , Asymmetric corridor around the MPR at +500/-100 basis points and the Liquidity ratio unchanged at 30%.
He said, ‘’Maintaining the current policy stance will continue to address existing and emerging inflationary pressure. The MPC will continue to undertake rigorous assessment of economic conditions, price developments and outlook to inform future policy decisions.’’
