The resurgence of the Middle East crisis has prompted the Central Bank of Nigeria (CBN) to retain its Monetary Policy Rate (MPR) at 26.5 per cent, despite a slight moderation in the country’s headline inflation.
Announcing the decision after the Monetary Policy Committee (MPC) meeting on Tuesday, CBN Governor Olayemi Cardoso said the committee unanimously agreed to maintain the benchmark lending rate and all other monetary policy parameters.
Cardoso explained that the decision was driven by renewed geopolitical tensions in the Middle East, which have disrupted global energy supply and heightened economic uncertainties.
He added that all 11 members of the MPC voted unanimously to retain the MPR at 26.5 per cent, while leaving other key policy parameters unchanged.
