Monetary Policy Committee of the Central Bank of Nigeria, on Wednesday, retained Monetary Policy Rates (MPR) otherwise known as interest rates at 26.5 per cent.
CBN Governor, Olayemi Cardoso, while addressing newsmen at the end of the 305th MPC meeting in Abuja,
said the committee also retained standing facility corridor around MPR at +50 -450 basis point.
“The Committee also retained cash reserve requirements at 45 per cent for commercial banks and 16% for merchant banks and non TSA public sector deposits at 75 %,” he added.
On the rationale for the decision, the CBN governor stated that “The decision to retain was anchored on comprehensive assessment of risk to both global and domestic outlook, as the Committee notes that although inflation increased in last 2months due to global shocks, MPC has recognised its transitionary nature and its confident that macroeconomic environment will support return to disinflation.”
He added that 11 members of the committee were in attendance.
