The Central Bank of Nigeria (CBN) has maintained its monetary policy rate at 27 per cent, Governor Olayemi Cardoso announced on Tuesday, following the 303rd meeting of the Monetary Policy Committee (MPC) in Abuja.
All 12 members of the MPC were present and unanimously voted to keep the key policy rates unchanged. Cardoso stated that the decision reflects the committee’s confidence in the country’s low and stable inflation levels.
“The committee decided to maintain the Monetary Policy Rate (MPR) at 27 per cent and adjust the standing facility corridor to MPR +50 and -450 basis points,” Cardoso said.
Additionally, the Cash Reserve Ratio (CRR) remains at 45 per cent for merchant banks and 75 per cent for non-Treasury Single Account (TSA) public sector deposits, while the liquidity ratio is maintained at 30 per cent.
The CBN governor emphasized that the policy stance is aimed at sustaining macroeconomic stability while providing a predictable environment for investment and business growth in Nigeria.
By maintaining interest rates, the CBN signals its commitment to controlling inflation without stifling credit flow, balancing economic recovery and price stability.
