Cardoso says inflation path delayed, not derailed by new shocks - Businessday NG

…As CBN holds MPR at 26.5% for second straight meeting after february cut

The Central Bank of Nigeria (CBN) kept its benchmark interest rate unchanged at 26.5% for the second consecutive meeting on Tuesday, as Governor Olayemi Cardoso said unexpected shocks had slowed the country’s disinflation journey but had not undermined the long-term goal of returning inflation to single digits.

Briefing journalists in Abuja after the Monetary Policy Committee (MPC) concluded its two-day meeting, Cardoso said the decision to maintain the Monetary Policy Rate (MPR), alongside other policy parameters, reflected a cautious approach aimed at containing inflation risks while supporting economic stability.

“Given elevated global uncertainty and domestic inflation dynamics, a steady policy stance allows us to monitor incoming data and act if conditions warrant,” Cardoso said.

The MPC retained the MPR at 26.5%, the standing facilities corridor at +50/-450 basis points around the benchmark rate, and cash reserve requirements at 45% for deposit money banks, 16% for merchant banks and 75% for non-Treasury Single Account public sector deposits.