The Centre for the Promotion of Private Enterprise has praised the Central Bank of Nigeria for retaining key monetary policy parameters at the 305th MPC meeting.
CBN says the inflation rate has dropped for six months straight, hitting 18.02 per cent in September, its lowest point in three years.
The CBN introduced a new minimum capital base requirement for banks, with tiers depending on licence type.
The development marks a departure from the aggressive tightening monetary policy stance of the MPC since 2024.
The Central Bank of Nigeria (CBN) maintains strict control over inflation by implementing a strict monetary policy framework.
“Nigerians are not surprised by the MPC’s decision to increase the MPR because the country’s inflation rate is about 34.19 per cent.’’
The naira appreciated by N82.52 to reach N1,300 per dollar,
The MPC meeting, which is the 293rd in the series, was earlier scheduled for September but postponed indefinitely.
The upturn was impacted by investors’ interest in stocks of Zenith Bank, WAPIC and Stanbic Bank, mong others.
The MPR is an economy’s baseline interest rate, upon which all other interest rates are based.
