Abuja, Nigeria – E be like say the wahala wey dey for money matter no go finish soon. Central Bank of Nigeria (CBN) declare say dem go hold interest rate steady at 27.5% as dem confirm say eight banks don dey shine under the new recapitalisation rules. CBN Governor, Olayemi Cardoso, drop this gist for the end of the 301st Monetary Policy Committee (MPC) meeting wey happen for Abuja yesterday.
According to Cardoso, these banks don do well well, surpassing the minimum capital requirements wey dey for dem. “We get one bank wey even manage raise decent money from the London Stock Exchange (LSE),” he add. This one no be small thing o! (If you dey think say na joke, better check am.)
As inflation dey hold on top 22% and economy dey show some signs of improvement, CBN decide say dem no go change anything for now. Cardoso talk say, “E mean say we dey try to keep our eye for price matter. We go ensure say everything dey stable.” You fit take this gist as wetin dem go call ‘cautious optimism.’ (Naija no dey do anything haste, we dey take our time.)
When dem ask about watin dey happen, him talk say dem go keep the monetary policy rate (MPR) at 27.5%, maintain cash reserve ratio for banks at 50% and 16% for merchant banks, while liquidity ratio dey stable for 30%. Na so dem dey plan to quench inflation wey get mind to raise pass this level.’
Cardoso draw attention to the positive talk say inflation don dey fall for third mouth in a row. He add say dis month wey pass, na the decline in energy prices and the way naira dey hold ground for forex market contribute well. But no be say we go sit down fold hand, as some month-on-month figures still dey ginger fear. “The battle never end, we still dey face some of wetin we call underlying price pressures,” he talk.
The CBN dey warn the government make dem continue to help farmers with seedlings, fertilisers and all di necessary support wey fit better food supply for we country. Dis one dey very important to keep the economy balanced.
Meanwhile, international investors dey eye Nigeria as dem see hope for better returns in the banking sector. Cardoso gree say with the right support, more investment fit land for our shores, and this na big win for everybody. He go on to talk say, “As we dey face challenges, we still dey open door for potential investors to enter.”
The MPC meeting no just dey about wetin happen now, but also about the future. Cardoso promise say dem go dey do serious check on economic conditions and price movements to fit guide their next moves.
Despite every hustle wey Nigeria dey face, Cardoso dey shine small light say there’s still potential for the economy to bounce back with some as e dey progress. E don show say na real work dey happen, as CBN dey put strategies wey go help stabilise prices, maintain investor confidence, and manage exchange rates.
Experts dey watch closely to see wetin go happen next as we dey move towards the next MPC meeting for September, but for now, the vibes be say the CBN don pick a steady and patient path.
