Wisdom Engraced
Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us
The Central Bank of Nigeria has chosen to keep its benchmark interest rate steady at 27.5%, marking the second time this year it has opted not to make any changes. According to CBN Governor Olayemi Cardoso, the decision was made unanimously by the Monetary Policy Committee, which met for the 300th time.
For further information, read more details here
“The committee was unanimous in its decision to hold policy and thus decided as follows: retain the MPR at 27.50%,” Cardoso explained. This move is aimed at giving the economy more time to respond to recent trends.
The CBN also decided to retain other key financial parameters, including the asymmetric corridor, cash reserve ratio, and liquidity ratio. These decisions were influenced by recent improvements in economic indicators, such as a drop in inflation rates.
Cardoso noted that the committee is optimistic about the current economic trajectory, citing improvements in food supply and efforts to address insecurity in farming communities. However, he also warned of ongoing challenges, including high electricity costs and foreign exchange demand.
The committee emphasised the importance of ongoing fiscal and monetary reforms, particularly those aimed at boosting domestic production and reducing reliance on foreign exchange. “Members reaffirmed their commitment to prioritise policies targeted at anchoring inflation expectations and easing exchange rate pressure,” Cardoso said.
With Nigeria’s economy showing signs of growth, the CBN remains cautious, monitoring global economic trends and their potential impact on the country’s financial stability. The next meeting of the Monetary Policy Committee is set for July 2025
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post
