The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27 per cent, following the 303rd meeting of its Monetary Policy Committee (MPC).
CBN Governor Yemi Cardoso said the committee also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for merchant banks, and 75 per cent on non-TSA public sector deposits. The Liquidity Ratio remains at 30 per cent, while the Standing Facilities Corridor is adjusted to +50/-450 basis points around the MPR.
Cardoso noted that all 12 MPC members were present, and the decision reflects the need to sustain progress toward low and stable inflation. The MPC welcomed the continued deceleration in headline inflation for the seventh consecutive month as of October 2025, attributing the trend to monetary tightening, stable exchange rates, increased capital flows, and a surplus current account balance.
He also highlighted that stable fuel prices and improved food supply have supported disinflation, but cautioned that headline inflation remains in double digits, requiring sustained efforts to moderate it further.
“The steady deceleration in inflation across headline, core, and food measures suggests that the impact of previous policy measures will continue in the near term,” Cardoso said.
He added that maintaining the current policy stance amid global uncertainties would allow prior rate hikes to fully transmit to the real economy and further reduce prices. The MPC also noted that strong external sector performance, including reserve accretion, has contributed to exchange rate stability and moderation in inflation.
