ABUJA, July 23 (AGCNewsNet) – The Central Bank of Nigeria (CBN) has retained its Monetary Policy Rate (MPR) at 27.5%, in a continued effort to curb inflation and stabilise the naira.

Speaking at a press conference after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN Governor Olayemi Cardoso said the MPC also retained the asymmetric corridor at +500/-100 basis points around the MPR.

Additionally, the Cash Reserve Ratio (CRR) was held at 50% for deposit money banks and 16% for merchant banks, while the liquidity ratio remains unchanged at 30%.

“The decision to hold the policy parameters reflects the Committee’s view that previous tightening measures are beginning to yield results, and a cautious approach is warranted at this time,” Cardoso told journalists.

In a key disclosure, the CBN Governor announced that eight Nigerian banks have successfully met the minimum requirements for exiting the regulatory forbearance regime instituted during the COVID-19 crisis.

“The forbearance regime was a temporary measure introduced to help banks meet prudential requirements during a period of extraordinary global stress,” Cardoso explained. “These measures were aligned with international standards under Basel II and aimed at maintaining financial system stability.”

He clarified that the framework is neither new nor unique to Nigeria, but was adopted globally to assist banks in building capital buffers and ensuring a smooth return to regulatory normalcy.

Cardoso cited Guaranty Trust Bank (GTB) as one of the first institutions to meet the prescribed requirements. He commended the bank’s efforts, including successfully raising capital through the London Stock Exchange (LSE).

“This is commendable and sets a precedent for others,” he added.

The CBN’s cautious policy stance comes amid persistent inflationary pressures, volatile exchange rates, and efforts to stabilise Nigeria’s macroeconomic environment.

Stay connected with AGC NewsNet for the latest news from Africa.