Following the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting on
Tuesday; the CBN governor, Mr. Olayemi Cardoso expressed optimism about the country’s inflation figures stating that “inflation in the country is coming under greater control.”
According to reports from the Nigerian Apex Bank; the MPC at the 301st meeting voted unanimously to retain the Monetary Policy Rate (MPR) at 27.50% for the third time in a roll this year.
The bank noted that– it is prioritizing stability and mindfully watching the country inflation rates which has been on a steady decline since this year, and currently at 22.22% according to NBS.
Cardoso told newsmen that the Bank aims to achieve single-digit inflation given the positive economic trajectory. He has also assured that the Bank will be transparent in managing Nigerians’ inflation expectations.
Furthermore, Mr. Olayemi Cardoso has cited stability in the foreign exchange market, a positive trade surplus in Nigeria, and the restoration of investor confidence as major outcomes of the reforms under his watch as CBN Governor.
The CBN is also determined to collaborate with fiscal authorities to ensure consistency in policy thrust and reduce uncertainties.
However, during committee meeting, the MPC observed stable financial soundness indicators and urged sustained regulatory oversight to ensure continued resilience, safety, and soundness of the banking system.
With eight months remaining until the end of the banking recapitalisation programme, Governor Cardoso announced that eight banks have already exceeded the minimum recapitalisation requirement, while others are making progress to meet up before the deadline.
Meanwhile, investors interest in Nigeria’s banking sector has increased, and that the Bank remains committed to enforcing rules to maintain stability and sustain confidence. “We are strengthening thought leadership at the CBN, engaging with diverse perspectives, enhancing learning channels, and encouraging open dialogue. The CBN is evolving, shifting from how you have traditionally seen the Bank to a more inclusive, dynamic, and transparent institution.” The apex bank chief Olayemi Cardoso Stated.
