The Central Bank of Nigeria (CBN) has announced a significant increase in the Monetary Policy Rate (MPR), raising it from 22.75 percent to 24.75 percent.
The Monetary Policy Rate, which represents the short-term rate at which banks lend to one another, underwent this adjustment as disclosed during the Monetary Policy Committee (MPC) meeting chaired by Governor Olayemi Cardoso.
Governor Cardoso highlighted that the committee made the decision to raise the MPR by 200 basis points, setting it at 24.75 percent. Additionally, the committee opted to maintain the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
As reported by DailyTrust, the CBN announced the retention of the Cash Reserve Ratio (CRR) at 45 percent and the liquidity rate at 30 percent.
Join our twitter community :