The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.
This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.
In addition to the MPR adjustment, the committee decided to retain the asymmetric corridor at +500 and -100 basis points. The cash reserve ratio has also been raised from 45% to 50%, reflecting a commitment to further tighten monetary policy.
CBN Governor, Olayemi Cardoso, addressing the press after the meeting, emphasized that the committee’s decision was unanimous, highlighting the urgency of curbing inflation and stabilizing the economy amidst ongoing challenges.