Mr Olayemi Cardoso

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.5 percent, along with all existing policy parameters.

CBN Governor, Mr. Olayemi Cardoso, announced the decision at the Monetary Policy Committee (MPC) briefing held on Thursday in Abuja.

According to him, the asymmetric corridor remains at +500/-100 basis points around the MPR, while the Cash Reserve Ratio is maintained at 50 percent for Deposit Money Banks and the Liquidity Ratio at 30 percent.

Cardoso said the committee’s decision to hold the rates steady was aimed at sustaining ongoing disinflation efforts and driving prices downward.

He also revealed that Nigeria’s foreign reserves stood at $40.1 billion as of July 18, providing an import cover of approximately nine and a half months.

In a major update on the banking sector, the CBN governor confirmed that eight banks have successfully met the new recapitalisation requirements.

He added that both monetary and fiscal authorities remain committed to driving inflation down to single-digit levels.