The Central Bank of Nigeria (CBN) has kept the Monetary Policy Rate (MPR) steady at 27.5%, alongside all other key policy parameters. The decision was announced by CBN Governor Olayemi Cardoso during the Monetary Policy Committee (MPC) meeting held in Abuja.
The apex bank also retained:
- The asymmetric corridor at +500/-100 basis points around the MPR
- The Cash Reserve Ratio (CRR) for Deposit Money Banks at 50%
- The Liquidity Ratio at 30%
Governor Cardoso said the move was aimed at sustaining the ongoing disinflation trend and ensuring a continued decline in prices across the economy.
He also disclosed that as of July 18, Nigeria’s foreign reserves stood at $40.1 billion, enough to cover approximately nine and a half months of imports.
In an update on banking sector reforms, the governor revealed that eight banks have already met the CBN’s new recapitalisation requirements.
Cardoso reaffirmed that both monetary and fiscal authorities are working closely to bring inflation down to single-digit levels.