The Central Bank of Nigeria has made the decision to raise the Monetary Policy Rate (MPR) by 50 basis points to 26.75%, while retaining the Cash Reserve Ratio (CRR) and the Liquidity Ratio at 45% and 30% respectively.
This was announced by the CBN Governor Olayemi Cardoso in a press briefing on the outcome of the Monetary Policy Committee (MPC) meeting after the committee’s 296th meeting held in Abuja on Tuesday.
Cardoso said, “The Committee’s decisions are as follows; Raise the MPR by 50 basis points to 26.75 % form 26.25%. Adjusted the asymmetric corridor around the MPR from +100 to -300, to +500 to 100 basis points. Retain the Cash Reserve Ratio of Deposit Money banks at 45% and Merchant Banks at 14%, and retain Liquidity Ratio at 30%.”
Details to come later
Follow us on:
Tanimu Yakubu has emphasised substantial investment in Nigeria's crude oil sector, highlighting the government's resolve…
Chen Jinping has admitted to conspiring with the Chinese government to create an undeclared police…
Sean “Diddy” Combs has appeared in court facing serious charges, with a trial date set…
Confidence Macharry, Security Analyst has emphasised restoring traditional dispute resolution and enhancing governance to reduce…
Tanimu Yakubu has outlined structural reforms, including personnel changes and enhanced monitoring, to improve 2024…
DG Budget office Yakubu urges Nigerians to embrace tax reforms, emphasising that change could lead…