BY NGOZI ONYEAKUSI

CBN Governor, Olayemi Cardoso

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters, including the Monetary Policy Rate (MPR), at 26.5 per cent.
The Governor of the Central Bank of Nigeria and Chairman of the MPC, Olayemi Cardoso, disclosed this while announcing the outcome of the committee’s meeting. He said all 11 members present unanimously voted to retain the existing policy measures.
According to Cardoso, the committee also retained the asymmetric corridor around the MPR at +500/-100 basis points, while the Cash Reserve Ratio (CRR) remains at 50 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and the liquidity ratio at 30 per cent.
The decision follows the committee’s previous meeting in May, when it also maintained all policy rates after reducing the MPR by 50 basis points in February, bringing the benchmark interest rate down from 27.0 per cent to 26.5 per cent.