July 23, 2025/Coronation Update

The Central Bank of Nigeria’s (CBN) 301st Monetary Policy Committee (MPC) meeting held on July 21st–22nd, 2025 resulted in no change to policy. The committee unanimously held the Monetary Policy Rate (MPR) at 27.50% and kept all other parameters unchanged.

The asymmetric corridor remained at +500/-100 bps around the MPR, the Cash Reserve Ratio (CRR) stayed at 50% for Deposit Money Banks (DMBs) and 16% for merchant banks, and the Liquidity Ratio was retained at 30%.

Inflation remains well above target and underlying pressures persist. Core and food inflation are still high, reflecting structural issues (such as unstable grid provided electricity and insecurity in farming areas). Given these concerns, MPC members emphasized the need to sustain a tight stance for the moment. 
 

Download the full economic flash note here