CBN maintains benchmark interest rate at 26.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to retain the country’s benchmark interest rate at 26.5 per cent.

Speaking to journalists after the 306th MPC meeting in Abuja on Tuesday, CBN Governor Olayemi Cardoso said the committee reached the decision after carefully evaluating the balance of risks and key economic indicators.

Cardoso disclosed that all 11 members present at the meeting unanimously voted to maintain the Monetary Policy Rate (MPR) at 26.5 per cent, signalling the committee’s cautious approach to managing inflation and maintaining macroeconomic stability.

“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.

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