The governor of the central bank, Olayemi Cardoso has said the indices show a strong confidence in the Nigerian market, with foreign portfolio investors responding positively to the transparency initiatives which simply eradicated the existing distortions.
Briefing the press on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, the Cardoso announced a raise in the interest rate to 26. 25 per cent, noting that the committee retained the asymmetric corridor of +100/-300 basis points.
Similarly, the MPC retained the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45 percent, and the Liquidity Ratio at 30 per cent, with Cardoso explaining that the move is in line with the policy of the bank to be consistent in its approach to contain the economic situation while gradually monitoring positive outlooks as they unfold.
The CBN governor also assured that the inflation figures are beginning to become moderate, considering the statistics in terms of food and headline inflations, which he said have decelerated, for the first time since October.
Cardoso also explained that the cyber security levy was backed by an ACT which was considered by the national assembly, noting that the apex bank was just implementing the law.
