The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50 per cent, up from 27.25 per cent, as part of its strategy to address rising inflation.
This decision was made during the recent meeting of the Monetary Policy Committee (MPC) of the CBN. The MPR serves as the key interest rate benchmark.
Governor Yemi Cardoso made this announcement in Abuja on Tuesday during the final MPC meeting of the year held at the central bank’s headquarters.
Cardoso indicated that the MPC reached a unanimous decision to raise the MPR by 25 basis points from 27.25% to 27.50%, 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.
The CBN Governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
