The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a 50 basis point increase in the Monetary Policy Rate (MPR), raising it from 26.75% to 27.25%. CBN Governor Yemi Cardoso disclosed this decision on Tuesday in Abuja during the communiqué of the MPC’s 297th meeting.
In addition to the MPR adjustment, the committee also raised the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) by 50 basis points, moving it from 45% to 50%. Merchant banks will see their CRR increase from 14% to 16%.
The MPC opted to maintain the Liquidity Ratio at 30% and retained the Asymmetric Corridor at +500/-100 basis points around the MPR, indicating a cautious approach to the current economic landscape.
Credit: NAN (Text Excluding Headline)
