By Deborah Nnamdi
The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5%, alongside all other key policy parameters.
CBN Governor Olayemi Cardoso announced the decision at the Monetary Policy Committee (MPC) briefing held in Abuja on Monday.
The asymmetric corridor remains at +500/-100 basis points around the MPR, while the Cash Reserve Ratio (CRR) for Deposit Money Banks stays at 50%, and the Liquidity Ratio at 30%.
Cardoso said the decision to hold the rate steady is aimed at sustaining the current disinflation trend and reinforcing efforts to bring down inflation.
He also revealed that Nigeria’s foreign reserves stood at $40.1 billion as of July 18, providing import cover for approximately nine and a half months.
In the banking sector, the governor disclosed that eight banks have so far met the new recapitalisation requirements.
Cardoso added that both monetary and fiscal authorities will continue to coordinate efforts to bring inflation down to single-digit levels.
