Central Bank of Nigeria (CBN) don talk say dem go still leave Monetary Policy Rate (MPR) for 27.5%, sake of global economic wahala like trade war wey still dey happen.
CBN Governor, Mr. Olayemi Cardoso, yarn this one after the 300th Monetary Policy Committee (MPC) meeting wey dem do for the CBN head office for Abuja.
Cardoso tok say, “The Committee agree say make dem no change anything. So dem decide say: Make NPR remain for 27.50%; Make the area around NPR still dey plus 500 to minus 100 basis points; Make Cash Reserve Ratio for commercial banks still be 50%, and for merchant banks 16%; Liquidity ratio still dey 30%.”
As Cardoso dey explain why dem decide like this, e talk say some macroeconomic things don improve small small, and e fit help make prices stable for the short to medium time.
“MPC see say some of the big economic numbers don dey better, and e go help make prices calm down later,” e yarn. “Like say the gap between forex rate for official market and BDC don dey reduce, balance of payment dey better, and fuel price don calm small.”
Even with these better signs, Cardoso talk say the global wahala and uncertain policies still make dem decide say make dem no touch the rate. “Based on all these, and the way global things still dey shakey, the committee feel say to hold the rate make more sense,” na wetin e talk.
E also praise government effort to make food plenty and fight insecurity for farm areas, and talk say food inflation don dey calm small. E beg security people make dem continue to do better, and make government still give farmers better support to grow more food.
But e still talk say inflation wahala still dey, like high light bill, people wey still dey find forex anyhow, and old wahala wey never clear. “The thing wey dey push inflation na light bill wey high, foreign exchange wahala, and other old problems,” na wetin e yarn.
The CBN governor come beg government people wey dey in charge of money matter to try boost forex income from oil, gas and even non-oil exports. “The committee beg fiscal people make dem do more to help bring in forex, especially from gas, oil and even things wey no be oil,” e talk.
E still talk say refinery work fit help this matter. “If Dangote Refinery and others fit increase production, dem fit begin sell fuel give other African countries, and that one go help.”
Last last, Cardoso still talk say oil price wey dey fall for world market fit affect government 2025 budget. “MPC dey worry say as oil price dey drop because of wetin non-OPEC countries dey produce, and US trade policy wahala, e go hard government to carry out budget as dem plan,” na wetin Cardoso add.
