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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a tight monetary policy stance until inflationary pressures in the country are brought under firm control.
Governor Olayemi Cardoso made this known during a media briefing on Tuesday following the conclusion of the 301st Monetary Policy Committee (MPC) meeting held in Abuja. The MPC voted to retain the Monetary Policy Rate (MPR) at 26.25 per cent to sustain the disinflation momentum recorded in recent months.
Cardoso explained that while headline inflation eased marginally in June, more work is needed to ensure the decline is consistent and sustainable.
“The battle against inflation is far from over. Although we’ve started to see early signs of moderation, the MPC is of the view that tight monetary conditions must be sustained to fully anchor expectations and drive inflation towards desired levels,” he stated.
He added that monetary tightening will remain until inflation moves toward the medium-term target, stressing that easing too soon could reverse hard-won gains.
