Again, CBN hold interest rates at 26.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again retained benchmark interest rates at 26.5% Briefing journalists at the end of the 306th MPC Meeting in Abuja on Tuesday, CBN governor, Mr. Olayemi Cardoso, stated that the decision to hold was a result of thorough assessment of balance of risk […]

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again retained benchmark interest rates at 26.5%

Briefing journalists at the end of the 306th MPC Meeting in Abuja on Tuesday, CBN governor, Mr. Olayemi Cardoso, stated that the decision to hold was a result of thorough assessment of balance of risk and economic indicators

“11 members of the MPC who were present at the meeting voted to retain Monetary rates at 26.5%

“Also MPC voted to retain the cash reserve ratio for deposit money banks at 45 per cent, merchant banks at 16 per cent and non TSA public sector deposits at 75 percent” he said

On the rationale behind the MPC’s decision, he said, “Although headline inflation moderated marginally, global uncertainties have heightened which is why maintaining a cautions monetary policy stands remain appropriate

He added that the committee also noted recent resurgence of tension in the middle east which has spiked energy cost, while noting that Nigeria’s economy has however remain resilient.