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The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.
This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.
In addition to the MPR adjustment, the committee decided to retain the asymmetric corridor at +500 and -100 basis points. The cash reserve ratio has also been raised from 45% to 50%, reflecting a commitment to further tighten monetary policy.
CBN Governor, Olayemi Cardoso, addressing the press after the meeting, emphasized that the committee’s decision was unanimous, highlighting the urgency of curbing inflation and stabilizing the economy amidst ongoing challenges.
He added, “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.”
Financial experts had anticipated that the CBN would either hold or lower interest rates following two consecutive months of declining headline inflation.
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