CBN Retains MPR At 13.5%, Says Coronavirus May Lead Nigeria Into Recession

Hamilton Nwosa
Writer

Ad

Optimism as Nigeria’s Inflation Rate falls to 21.88% in July 2025

By Abiola Olawale Nigeria’s headline inflation rate has eased to 21.88% in July 2025, marking a continued downward trend from 22.22% in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The NBS reported that the decline, representing a 0.34% drop month-on-month, signals optimism for economic…

Trump-Putin:Ukraine Targets Russian Oil, Arms Ahead of Summit

Hours before the Trump-Putin meeting in Alaska, Ukraine said it had struck an oil refinery in Russia and a Caspian port that Moscow uses to ship weapons from Iran for the war in Ukraine. Ukraine said it attacked overnight the Syzran refinery, owned by oil giant Rosneft and located in Russia’s Samara region, about 500…

Crude Oil Falls as EIA Forecasts Larger Global Oil Surplus

Crude oil prices on Tuesday fell on the possibility of progress at the Trump-Putin summit in Alaska on Friday regarding the Russia-Ukraine war, which could result in reduced sanctions on Russian oil. The oil markets also remain concerned about an oil surplus after the EIA on Tuesday raised its forecast for the 2025 global oil…

Ad

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%.

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Read also: Bauchi Governor, Bala Mohammed Tests Positive for COVID-19

According to the MPC, the decision to hold all rates constant was largely driven by the outbreak of COVID-19 that has largely disrupted the global economy, as Nigeria faces a crunch test following crash in oil price.nigeria

Emefiele further noted that the current pandemic may lead Nigeria into another round of recession.

Emefiele said the Committee also left the Asymmetric Window at +200 and -500 basis points around the MPR.

Ad

X whatsapp