Rising from the 305th meeting held in Abuja today, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the benchmark interest rate unchanged keeping the Monetary Policy rate at 26.5 per cent and the Standing Deposit corridor around the MPR at -50/+450.
It also retained Cash Reserve Ratio for deposit money at 45 per cent, merchant banks at 16 per cent and non- TSA public sector deposit at 75 per cent.
The decision was made by the 11 members in attendance as they warned that a cautious and vigilant policy stance is necessary to safeguard macro-economic policy.
The decision to keep rates unchanged aligns with the expectations of analysts surveyed by Leadership.
Speaking at the end of the meeting the CBN Governor, Olayemi Cardoso said the committee also noted with satisfaction the successful conclusion of the recapitalization, which came up with 33 banks with enhanced capacity to support the economy. The MPC members also urged the bank to put in measures to preserve financial system stability.
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