The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate (MPR) to 27.25%, marking another increase aimed at stabilizing the economy. The decision was made on Tuesday during the Monetary Policy Committee (MPC) meeting, chaired by CBN Governor Yemi Cardoso.
Cardoso emphasized that the move is intended to boost economic confidence, allowing better long-term planning. “The committee was unanimous in recognizing that more needs to be done to meet the bank’s price stability mandate,” he said.
Despite a slight decline in headline inflation due to moderating food prices, core inflation remains high, driven by rising energy costs. Cardoso expressed concern over the fiscal deficit but noted the federal government’s commitment to avoid monetary financing through “ways and means.”
The MPC also stressed the need for closer collaboration between monetary and fiscal authorities to address inflationary pressures and stabilize energy prices.
The CBN’s efforts to curb excess liquidity and manage foreign exchange demand were highlighted as critical measures in controlling inflation. Cardoso also praised the government for its efforts to stabilize food prices despite ongoing fiscal challenges.
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