The Central Bank of Nigeria (CBN) has maintained the country’s monetary policy rate (MPR) at 27 percent, the fourth consecutive retention this year. The decision was announced on Tuesday by CBN Governor Olayemi Cardoso following the Monetary Policy Committee’s (MPC) 303rd meeting in Abuja.

The MPR serves as the benchmark interest rate, influencing other rates across the economy. The MPC also adjusted the asymmetric corridor to +50 and -450 basis points around the MPR and retained key liquidity measures, including the cash reserve ratio (CRR) at 45 percent for deposit money banks, 16 percent for merchant banks, and 75 percent for non-treasury single account public sector deposits. The liquidity ratio remained at 30 percent.

“The MPC’s decision is aimed at sustaining the progress made towards achieving low and stable inflation,” Cardoso said.

Nigeria’s inflation rate declined to 16.05 percent in October 2025, marking the seventh consecutive month of deceleration. The governor attributed the slowdown to continued monetary policy tightening, a stable exchange rate, healthy capital flows, surplus current account balance, relative stability in petrol prices, and improved food supply.

Cardoso noted that although headline inflation remains in double digits, the MPC believes the current policy stance will allow previous rate hikes to further moderate prices and strengthen economic stability.

He also highlighted the positive performance of the external sector and praised collaboration between fiscal and monetary authorities, which contributed to Nigeria’s recent sovereign credit rating upgrade and removal from the FATF gray list.

“The committee reaffirmed its commitment to data-driven assessments to guide future policy decisions, ensuring that the benefits of past policy measures continue to transmit to the real economy,” Cardoso added.