The Monetary Policy Committee of the Central Bank of Nigeria, at its 306th meeting, voted unanimously to retain the Monetary Policy Rate at 26.5 per cent, along with other parameters. The Standing Facilities Corridor was kept around the MPR at +50/-450 basis points, and the Cash Reserve Requirement was retained at 45.00 per cent for Deposit Money Banks, 16.00 per cent for Merchant Banks, and 75.00 per cent for non-TSA public sector deposits. The decision followed an assessment of the balance of risks, as stated by CBN Governor Olayemi Cardoso. The committee noted that global uncertainties have heightened due to renewed hostilities in the Middle East, and maintaining a cautious monetary policy stance remains appropriate.
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