The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has raised the Monetary Policy Rate (MPR), which is the benchmark interest rate to 24.75 percent, an increase of 200 basis points over 22.75 percent.
This is the second time the Cardoso-led CBN will hike the MPR.
Olayemi Cardoso, CBN governor made the announcement after the conclusion of the bank’s 294th MPC meeting in Abuja, the nation’s capital today.
The two-day meeting started on March 25 and ended today, March 26, 2024.
The cash reserve ratio stands at 45 percent; liquidity ratio at 30 percent while the asymmetric corridor is now at +100/-300 basis points around the MPR.
Today’s announcements by the CBN, aligned with many analysts’ projections most of whom were of the opinion that the CBN would increase the benchmark interest rate following the rising inflationary trend and exchange rate volatility.
Details later….
