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Home ยป CBN Holds MPR at 27.5% as Inflation Figures Are Reviewed

CBN Holds MPR at 27.5% as Inflation Figures Are Reviewed

Joan Aimuengheuwa by Joan Aimuengheuwa
February 20, 2025
in Finance
0
CBN Holds MPR at 27.5% as Inflation Figures Are Reviewed
Yemi Cardoso, CBN Governor

Yemi Cardoso, CBN Governor

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The Central Bank of Nigeria (CBN) has decided to maintain all key policy rates, keeping the Monetary Policy Rate (MPR) steady at 27.5%.ย 

The decision, which is the first hold in three years, was announced by the Governor of the CBN, Yemi Cardoso, following the latest Monetary Policy Committee (MPC) meeting in Abuja on Thursday.

The MPC resolved to retain the following key financial parameters:

  • Monetary Policy Rate (MPR): 27.5%

  • Asymmetric Corridor: +500/-100 basis points around the MPR

  • Cash Reserve Ratio (CRR): 50% for Deposit Money Banks, 16% for Merchant Banks

  • Liquidity Ratio: 30%

Cardoso explained that the decision to hold rates was influenced by economic conditions, particularly the recently adjusted inflation figures.

The National Bureau of Statistics (NBS) reported that Nigeriaโ€™s inflation rate had declined to 24.48% from the previously recorded 34.8% following a rebasing of the Consumer Price Index (CPI).

At the press briefing, Cardoso noted the committeeโ€™s cautious approach in assessing the impact of previous policy adjustments. โ€œMembers, however, were not oblivious to the risk of persisting inflationary pressures driven largely by food prices,โ€ he stated.

The committee acknowledged the governmentโ€™s efforts to stabilise the economy, noting improvements in the foreign exchange market and a gradual appreciation of the naira.

Again, security interventions in food-producing regions were referred to as essential for easing food price inflation.

The MPC stressed the need for continued coordination between monetary and fiscal policies to achieve sustainable economic growth and price stability. It also urged the CBN to maintain vigilance over the banking sector amid ongoing global and domestic economic uncertainties.

โ€œThe committee highlighted the benefits of the improvements in the external sector to exchange rate stability, including the convergence of rates between the Nigerian foreign exchange market and the bureau de change,โ€ Cardoso noted.

As part of its economic strategy, the CBN reaffirmed its focus on ensuring liquidity in the financial system while implementing measures to strengthen market confidence.

The next MPC meeting is expected to review the effectiveness of current policies and assess potential adjustments based on economic indicators.

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Tags: 299th Monetary Policy Committee (MPC) MeetingAsymmetric CorridorCash Reserve Ratio (CRR)CBNCentral Bank of NigeriaInflationLiquidity RatioMonetary Policy Rate (MPR)Yemi Cardoso
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