The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the Monetary Policy Rate (MPR) at 27.5 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday during a press briefing following the conclusion of the 301st MPC meeting held in Abuja.
He stated that the Committee also resolved to maintain the Cash Reserve Ratio (CRR) at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks.
“Also Liquidity Ratio has been maintained at 30 per cent,” he said.
Cardoso explained that the decision was driven by the need to maintain momentum in tackling inflation and stabilising prices, as well as to manage emerging monetary pressures.
He further disclosed that eight banks have so far met the CBN’s recapitalisation requirements, while others are making significant progress towards compliance.