The Central Bank of Nigeria has maintained its benchmark interest rate at 27.5% for a second consecutive time, as the Monetary Policy Committee concluded its latest two-day meeting in Abuja.
The decision, which also saw other key parameters left unchanged—including the Cash Reserve Ratio at 50% for deposit banks and 16% for merchant banks—reflects a cautious but optimistic stance by the apex bank.
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CBN Governor Olayemi Cardoso pointed to early signs of economic stability, including a narrowing gap between official and parallel exchange rates, easing petrol prices, and a positive balance of payments position.
However, the Committee flagged persistent inflationary pressures, citing elevated electricity tariffs and foreign exchange demand as ongoing risks.
Headline inflation eased to 23.7% in April, down from 24.2% in March. The Committee called for continued reforms and urged fiscal authorities to increase foreign exchange earnings from oil, gas, and non-oil sectors to consolidate recent gains.
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