CBN Retains Monetary Policy Rate at 27%

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has decided to maintain the country’s monetary policy rate (MPR) at 27%.

Apex bank’s Governor, Olayemi Cardoso, announced this at a news conference in Abuja on Tuesday, concluding the 303rd MPC meeting.

This decision comes after a 50-basis-point cut in September, indicating the committee’s cautious approach to monetary policy adjustments.

The MPR, which influences other interest rates in the economy, has been kept steady amid ongoing economic challenges.

Analysts had predicted a possible cut, citing easing inflation and stable exchange rates, but the MPC opted for stability, considering lingering economic pressures.

Nigeria’s inflation has been slowing, with October’s rate dropping to 16.05% from 18.02% in September, marking six months of disinflation.

Despite this, the committee remains vigilant, balancing growth support with inflation control.

The decision is set against improved foreign exchange reserves, reaching $46.70 billion, and a relatively stable naira, trading at N1,452/$1.

Analysts expect further rate adjustments as economic conditions evolve.

Details shortly…