The Central Bank of Nigeria (CBN) has resolved to maintain the Monetary Policy Rate (MPR) at 27.5 per cent, as part of its strategy to consolidate gains in the fight against inflation and stabilise the economy.
Naijaonpoint reports that the CBN Governor, Olayemi Cardoso, disclosed this on Tuesday while addressing journalists at the end of the 301st Monetary Policy Committee (MPC) meeting held in Abuja.
According to him, the committee voted unanimously to retain the MPR at 27.5 per cent, while also maintaining the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50 per cent and for Merchant Banks at 16 per cent. The Liquidity Ratio was also left unchanged at 30 per cent.
Cardoso explained that the decision to hold all key monetary parameters steady was informed by the committee’s cautious approach to managing monetary pressures and ensuring price stability.
“These decisions are aimed at sustaining our efforts to curb inflation and address emerging pressures in the monetary system,” the apex bank chief said.
Speaking on the ongoing recapitalisation exercise for Nigerian banks, the CBN Governor revealed that eight financial institutions have already met the new capital requirements set by the regulator.
“Eight banks have so far met the recapitalisation requirements of the CBN, and others are making significant progress toward meeting up,” he stated.
Naijaonpoint reports that the CBN had earlier directed banks to increase their capital base in a bid to strengthen the financial system and position it to support the real economy more effectively.
Tuesday’s MPC resolution comes amid sustained inflationary pressure and exchange rate volatility, with stakeholders closely watching the CBN’s next moves to stabilise the naira and enhance investor confidence.