The decision was taken at the 307th meeting of the CBN Monetary Policy Committee (MPC), which also retained the Cash Reserve Requirement (CRR) at 45.00 per cent for Deposit Money Banks, 16.00 per cent for Merchant Banks and 75.00 per cent for non-TSA public-sector deposits.

The apex bank also recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR.

CBN Governor, Olayemi Cardoso, said the adjustment was aimed at strengthening the effectiveness of monetary policy operations.

“The reset of the MPR and recalibration of the policy corridor constitute an important operational realignment aimed at strengthening monetary policy transmission and reinforcing the primacy of the Monetary Policy Rate,” Cardoso said.

He stressed that the decision should be viewed as an operational reset rather than a shift in the direction of monetary policy.

According to him, the move is designed to better align market rates with the monetary policy framework and improve the transmission of monetary policy decisions across the economy.

The MPC’s decision means that while the MPR has been reset at 23 per cent, the existing CRR requirements for banks and specified public-sector deposits remain unchanged.

The CBN Governor, Olayemi Cardoso, made the call yesterday in Lafia, Nasarawa State, at the bank’s stakeholders’ fair on alternative payment channels.

Represented by the Acting Director, Corporate Communications and Investor Relations, Hakama Sidi-Ali, Cardoso said the expansion of digital payments was necessary to deepen access to financial services and support economic growth.

He said the reforms being implemented by the bank, including PSV 2028, were designed to create a financial system that is more efficient and accessible to Nigerians.

Cardoso noted that the growth of agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking and instant payment platforms had helped expand financial inclusion.

However, the CBN Branch Controller in Lafia, Njideka Nwabukwu, said the gains would need to be extended to rural and underserved communities through increased investment in digital payment infrastructure.

She pointed to poor digital and financial literacy, cybersecurity concerns and inadequate consumer protection as major factors restricting wider adoption of digital payment services.

Nwabukwu said the 95 percent inclusion target could only be achieved through a collective effort involving banks, payment service providers, businesses, government agencies and consumers.

She also encouraged traders and entrepreneurs to make greater use of digital payment platforms, saying this would help more individuals and businesses participate in the formal financial system.

The CBN said expanding access and encouraging wider use of digital payment channels remained critical to strengthening financial inclusion while supporting monetary, price and financial system stability.

Speaking through the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi Ali, at the CBN Fair in Gombe yesterday, Governor Olayemi Cardoso said the stronger reserve position reflects the impact of reforms introduced over the past 34 months to restore stability to the economy.

According to him, the improved reserves have been driven by sustained capital inflows and increased investor participation across different asset classes, signalling growing confidence in Nigeria’s economic management.

Cardoso said the reforms were also contributing to greater stability in the foreign exchange market and a gradual slowdown in inflation.

He said: “Our external reserves have risen above our annual target to more than $52.5 billion as of July 17, 2026, the highest level in 17 years. The stronger reserve position, relative stability in the foreign exchange market and gradual moderation in inflation reflect the gains of the reforms introduced over the past 34 months.”

He noted that headline inflation eased slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated. He attributed the trend to disciplined monetary tightening, exchange rate unification and improved transparency in the foreign exchange market.

Cardoso added that the naira had continued to strengthen, with the gap between the official exchange rate and the bureau de change market narrowing to below two per cent, which he said was evidence of improving market stability.

He listed other reforms implemented by the CBN to include banking sector recapitalisation, the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, the 75 percent cash reserve ratio on non-Treasury Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark.

Cardoso reaffirmed the bank’s commitment to policies that promote monetary and price stability, encourage investment and support sustainable economic growth.

Earlier, the CBN Gombe Branch Controller, Yunusa Buba Mubi, described the CBN Fair as an annual platform for engaging the public on the bank’s policies. 

He urged participants to take advantage of the sessions to better understand the bank’s initiatives and provide feedback.

The two-day forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” will take place from July 29 to 30, 2026, at the CBN Headquarters in Abuja.

The event is expected to bring together global policymakers, economists, financial experts, business leaders, and development partners to discuss strategies for strengthening Africa’s economic resilience and promoting sustainable long-term growth amid growing global economic challenges.

A major highlight of the forum will be a high-level fireside dialogue featuring Cardoso and Okonjo-Iweala, who are expected to share insights on navigating geoeconomic uncertainties and advancing policies that support economic stability and investment across the continent.

The forum will provide a platform for participants to exchange ideas, explore emerging opportunities, and develop practical solutions to address Africa’s evolving economic landscape.