The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.5 percent, following the conclusion of its 301st Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
CBN Governor, Olayemi Cardoso, announced the decision while addressing journalists at the end of the meeting, stating that all committee members voted unanimously to hold the rate steady in light of the sustained moderation in inflation, which declined to 22.22 percent in July.
In addition to maintaining the MPR, the MPC also retained the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks.
The committee further kept the Liquidity Ratio at 30 percent and the asymmetric corridor around the MPR at +500/-100 basis points.
Cardoso emphasized that the decision reflects the committee’s commitment to consolidating recent gains in price stability while supporting ongoing economic recovery efforts.
