The Central Bank of Nigeria (CBN) has maintained its Monetary Policy Rate (MPR) at 27.50% in a bid to sustain the momentum of disinflation and contain price pressures.
The decision was made during the 301st meeting of the Monetary Policy Committee (MPC) on July 21 and 22, 2025.
The CBN also retained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50.00% and for Merchant Banks at 16.00%, and kept the Liquidity Ratio unchanged at 30.00%.
The asymmetric corridor around the MPR was maintained at +500/-100 basis points.
According to a release signed by the CBN Governor, Olayemi Cardoso, the MPC’s decision was based on the need to sustain disinflation momentum and contain price pressures.
The Committee acknowledged the decline in headline inflation in June 2025, but noted the persistence of underlying price pressures and global uncertainties that could further exacerbate supply chain disruption and exert pressure on prices.
Staff projections indicate a further decline in inflation in the coming months, driven by the current tight monetary policy stance, stable exchange rate, and moderation in food prices as the harvest season approaches.
The Committee reiterated its committment to the Bank’s price stability mandate and promised to take appropriate measures to foster stability and confidence in the economy.
The next meeting of the MPC is scheduled for September 22-23, 2025, where further decisions on monetary policy will be made based on ongoing economic assessments and developments.