The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.
This decision was made at the conclusion of the 297th Monetary Policy Committee (MPC) meeting held in Abuja.
The committee also retained the asymmetric corridor at +500 and -100 basis points, while raising the Cash Reserve Ratio (CRR) from 45% to 50%.
CBN Governor Olayemi Cardoso, while briefing the press, mentioned that the committee unanimously agreed on further tightening monetary policy to address the nation’s economic challenges.
Cardoso said, “The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent.”
“The MPC decided to retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points. It also raised the Cash Reserve Ratio of deposit Money banks by 500 basis points to 50 per cent from 45 per cent and merchant banks by 200 basis points to 16 per cent from 14 per cent and retain the liquidity ratio at 30 per cent,” he added.
Of the 12 MPC members, 11 were present during the meeting.
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