The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 percent from 26.75 percent.
The Governor of the CBN, Yemi Cardoso, made this known in Abuja on Tuesday, September 24 2024, while reading the communiqué from the 297th meeting of the MPC.
Mr Cardoso announced that the committee also decided to raise the Cash Reserved Ratio (CRR) by 50 basis points from 45 percent to 50 percent for Deposit Money Banks (DMBs), while it is 14 percent to 16 percent for merchant banks.
The committee, however, retained the Liquidity Ratio at 30 percent, and also retained the Asymmetric Corridor at +500/-100 basis points around the MPR.
