There are three levels in that answer, and you can control all of them in cpanfile and Makefile.PL.

1. The minimum version that your module requires to function as described. This might imply that some features are not supported, but you guarantee that your module passes tests when used with this version. In you meta, that would be required. It is completely up to you to raise that minimum for whatever reason even if you know it would work as well with a lower version. In that case I'd like to read about the reasoning in the README.md or equivalent.
2. The version that you recommend. There might be several reasons for that: fixed CVE's, added functionality, raised stability, easier API, …. Again, fully your choise. You can mention that in the recommends sections of your meta. If you state a recommended version, end-users expect you to have tested your module with this.
3. Last is the section suggested. You might want to have this when it features optional new stuff, speeds increases or whatever.

Here is an example from cpanfile for the dependency on ExtUtils::MakeMaker, based of availablility and solved CVE's:

on "configure" => sub {
    requires   "ExtUtils::MakeMaker";
    recommends "ExtUtils::MakeMaker"   => "7.22";
    suggests   "ExtUtils::MakeMaker"   => "7.70";
    };
[download]