The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.50% during its latest Monetary Policy Committee (MPC) meeting in Abuja. This decision follows six consecutive rate hikes in 2024, aimed at addressing inflationary pressures. 

CBN Governor Olayemi Cardoso highlighted that the committee unanimously agreed to retain all monetary policy parameters, including the asymmetric corridor at +500/-100 basis points around the MPR, the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks, and the Liquidity Ratio at 30%. 

This decision comes in the context of a recent rebasing of the Consumer Price Index by the National Bureau of Statistics, which revised Nigeria's headline inflation rate to 24.48% in January 2025, down from 34.80% in December 2024 under the previous base year. The MPC expressed confidence that ongoing macroeconomic developments, such as stability in the foreign exchange market and improvements in external reserves, will contribute to a gradual decline in inflation, with a target of achieving single-digit inflation rates. 

Governor Cardoso also noted that the banking sector remains robust and resilient despite ongoing macroeconomic challenges. He emphasized the importance of continued collaboration between monetary and fiscal authorities to sustain recent macroeconomic gains and ensure financial stability amid both domestic and global uncertainties.