CBN Governor Cardoso Advocates Orthodox Monetary Policy
Mr. Olayemi Cardoso, who took over as Governor of the Central Bank of Nigeria (CBN) in September 2023, reiterated the commitment to orthodox monetary policy as a means to restore investor confidence in the economy. He criticized previous unorthodox practices that led to high inflation and exchange rate crises.
The CBN's Monetary Policy Committee (MPC) has decided to maintain the Monetary Policy Rate (MPR) at 26.5%, despite inflationary pressures from external shocks. The Cash Reserve Requirement (CRR) remains unchanged at 45% for Deposit Money Banks (DMBs) and 16% for merchant banks.
Cardoso pointed out that the current macroeconomic environment is robust enough to support a return to disinflation, emphasizing that the CBN will rely on data-driven decisions. He also noted the importance of recent sovereign rate upgrades and the need for continued fiscal consolidation to enhance the economy's ability to absorb external shocks.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Maintains MPR at 26.5% Amid Inflation Concerns
CBN Holds MPR at 26.5% Amid Rising Inflation Risks
CBN Maintains High Lending Rates Amid Inflation Concerns
Nigeria's CBN Governor Addresses Inflationary Pressures
CBN Expected to Maintain Rates Amid Inflation Pressures
CBN Governor Cardoso Rejects Return to Intervention Programs
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
