The Central Bank of Nigeria (CBN), has retained the Monetary Policy Rate (MPR) at 26.5 percent.
The CBN Monetary Policy Committee (MPC) resolved to retain the rate at its 305th meeting on Wednesday.
This, according to reports, marks a shift from the committee’s aggressive tightening stance informed by its inflation-targeting posture.
The resolution was announced in a communique presented by the CBN Governor, Yemi Cardoso.
Coupled with the decision to retain the MPR, Cardoso also announced the MPC’s decision to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for Merchant banks, and 75 per cent for non-TSA public sector deposits.
Similarly, the Standing Facilities Corridor was also retained at +50 / -450 basis points around the MPR.