For another policy cycle, Nigeria’s monetary authorities have opted for caution, as the Monetary Policy Committee of the Central Bank of Nigeria retained the Monetary Policy Rate at 26.5 percent amid persistent inflationary pressure and concerns over the country’s economic outlook.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed this at the 305th Monetary Policy Committee meeting in Abuja.
He said the committee also retained the Cash Reserve Ratio for Deposit Money Banks at 45 percent and Merchant Banks at 16 percent.
Cardoso said the decision followed a comprehensive assessment of risks to the economic outlook, despite a marginal moderation in inflation recorded over two consecutive months.
He noted that members of the committee considered the need to sustain current monetary measures to further curb inflationary pressure, stabilize the foreign exchange market and strengthen investor confidence, while closely monitoring both domestic and global economic developments.
(Editor: Anoyoyo Ogiagboviogie)
