The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate, the benchmark interest rate, at 26.5 per cent for the second consecutive meeting, citing renewed geopolitical tensions in the Middle East and persistent inflationary risks despite a slight moderation in domestic inflation.
The decision was announced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the end of the MPC’s 306th meeting in Abuja, which was attended by all 11 members.
Cardoso said the committee resolved to “retain the monetary policy rate at 26.5 per cent.”
The MPC also retained the standing facilities corridor around the MPR, the Cash Reserve Ratio at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account public sector deposits.
The decision follows the committee’s previous decision to hold rates after implementing a 50-basis-point
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