CBN Implements Stringent Measures in Maiden MPC Meeting Under Governor Olayemi Cardoso
- Katsina City News
- 27 Feb, 2024
- 569
In a decisive move, the maiden Monetary Policy Committee (MPC) under the leadership of CBN Governor Olayemi Cardoso announced significant adjustments. The Monetary Policy Rate (MPR) witnessed a substantial 400 basis point increase, now standing at 22.75%. Further alterations include the asymmetric corridor around the MPR, adjusted to +100/-700 bps. The Cash Reserve Requirement (CRR) experienced a notable hike from 32.5% to 45%, while the Liquidity ratio remains steady at 30% around the MPR.
Governor Cardoso expressed confidence in ongoing reforms within the foreign exchange market, foreseeing positive outcomes in the short to medium term. He stressed the imperative collaboration with the fiscal sector to ensure the effective functioning of various sectors in the economy.
Governor Cardoso reaffirmed the Bank's commitment to withdrawing from quasi-fiscal interventions in the agricultural sector and revealed plans for robust loan recovery under intervention programs. Emphasizing a shift towards a more stringent regulatory environment, he outlined the Bank's strategy for financial stability.
Addressing recent actions against Bureau de Change operators, Governor Cardoso clarified that these measures target unlicensed operators and aim to curb speculation. With optimism, he underscored stability in the Nigerian Foreign Exchange Market (NFEM), emphasizing the commitment to upholding trust.
Governor Olayemi Cardoso assured prompt resolution of all pending verified requests, showcasing the CBN's dedication to addressing economic challenges.
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