The Monetary Policy Committee of the Central Bank of Nigeria has decided to retain the country’s Monetary Policy Rate at 26.5 percent following the conclusion of its 305th MPC meeting held in Abuja on Wednesday.
Announcing the outcome of the meeting, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that the committee also maintained the asymmetric corridor around the MPR at +500 and -100 basis points.
He further stated that the Cash Reserve Ratio was left unchanged at 45 percent for commercial banks and 16 percent for merchant banks, while the liquidity ratio and non-TSA public sector deposits remained at 75 percent.
According to Cardoso, the committee’s decision was based on a careful review of both domestic and global economic conditions.
He explained that although inflation has risen in recent months due to global economic pressures, the MPC believes the trend is temporary and expects the broader macroeconomic environment to support a gradual return to lower inflation levels.
Cardoso also confirmed that 11 members of the committee participated in the meeting.
