The Central Bank of Nigeria (CBN) has retained all monetary policy parameters, including the benchmark interest rate at 27.5%,
This developmeny came following the Monetary Policy Committee (MPC) meeting held on 19th to 20th of May
CBN Governor Olayemi Cardoso announced the decision on Tuesday, maintaining the asymmetric corridor at +500/-100 basis points, the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks, and the Liquidity Ratio at 30%.
He referenced the National Bureau of Statistics report showing headline inflation eased to 23.71% in April, down from 24.23% in March.
The MPC credited government efforts to improve food supply and enhance security in farming areas but noted continued inflationary pressures from high electricity tariffs and forex demand.
The committee urged sustained reforms to stabilize the economy and boost local production.
News edited by Favour Owonibi