The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the Monetary Policy Rate (MPR) by 25 basis points to 27.5% from 27.25%, while keeping other key policy parameters unchanged.
CBN Governor, Yemi Cardoso, made the announcement during a press briefing held on Thursday, following the conclusion of the MPC meeting. The decision reflects the committee’s ongoing efforts to balance economic stability with inflationary pressures in the country.
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As part of its resolutions, the MPC also: Retained the asymmetric corridor around the MPR at +500/-100 basis points.
Maintained the Cash Reserve Ratio (CRR) of Deposit Money Banks at 50.00% and that of Merchant Banks at 16.00%. Held the Liquidity Ratio steady at 30.00%.
The decision to slightly tighten the MPR is expected to influence inflationary trends and overall economic conditions, as the CBN continues to navigate the complexities of Nigeria’s financial landscape.
This is a developing story…