MONETARY POLICY: CBN RETAINS INTEREST RATE AT 26.5%, HOLDS OTHER POLICY PARAMETERS
The Central Bank of Nigeria has retained the Monetary Policy Rate at 26.5 percent and left all other key policy parameters unchanged for a second consecutive meeting, as part of efforts to sustain macroeconomic stability.
The Monetary Policy Committee says economic activity is showing signs of improvement, with growth expected to remain resilient despite emerging global challenges.
The committee, however, identified the prolonged Middle East crisis as a major risk to economic stability, citing its potential impact on global energy prices and inflationary pressures.
According to the MPC, the decision to retain the current rate is aimed at sustaining the moderation of inflation, maintaining exchange rate stability and boosting investor confidence in the economy.
The decision means businesses may continue to contend with high borrowing costs, while savers are expected to benefit from relatively higher returns on deposits and other investment instruments.
More Stories
CBN Predicts Lower Inflation, Assures Nigerians of Economic Stability
FG INAUGURATES COMMITTEE TO DRAFT NEW VAT ORDER
FG MOVES TO UNLOCK NIGERIA’S MARITIME POTENTIAL, BOOST BLUE ECONOMY