The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 27.25% to 27.50%, aiming to address the persistent inflationary pressures in the economy.
This decision was made during the Monetary Policy Committee (MPC) meeting held at the CBN headquarters in Abuja, marking the final MPC meeting for the year.
CBN Governor Yemi Cardoso announced the unanimous agreement by the MPC to raise the MPR by 25 basis points while maintaining the following:
• Cash Reserve Ratio (CRR): 50% for Deposit Money Banks and 16% for Merchant Banks.
• Liquidity Ratio (LR): 30%.
• Asymmetric Corridor: +500/-100 basis points around the MPR.Cardoso emphasized that this adjustment is a necessary step in the apex bank’s efforts to curb inflation and stabilize the economy.
Further analysis and reactions from economic stakeholders are expected in the coming days.
