The Central Bank of Nigeria has increased the Monetary Policy Rate (MPR) to 27.25% from 26.75%, marking a 50 basis point rise.
Olayemi Cardoso, the CBN Governor, disclosed this following the apex bank’s 297th Monetary Policy Committee meeting, which took place on September 23 and 24. The meeting aimed to evaluate recent economic and financial developments and project the outlook for the year.
Cardoso stated, “The committee decided to tighten policy further unanimously, resulting in the MPR being raised to 27.25 per cent.”
This marks the fifth time the apex bank has increased interest rates this year.
Cardoso also confirmed that the asymmetric corridor would remain at +100/-300 basis points around the MPR, the cash reserve ratio (CRR) at 45%, and the liquidity ratio (LR) at 30%.