The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50% from 27.25% in a bid to address rising inflation.
This decision was made during the Monetary Policy Committee (MPC) meeting held at the CBN headquarters in Abuja. The MPR serves as the benchmark interest rate for the economy.
CBN Governor Yemi Cardoso announced the adjustment on Tuesday, marking the final MPC meeting of the year.
He confirmed that the committee unanimously voted for a 25-basis-point hike in the MPR while maintaining the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 percent,” Cardoso said.
Additionally, the Liquidity Ratio (LR) remains unchanged at 30%, with the Asymmetric Corridor retained at +500/-100 basis points around the MPR.
Details are still emerging…
