The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 400 basis points (bps) from 18.75% to 22.75%.
The CBN Governor, Yemi Cardoso, made this known on Tuesday in Abuja, at the end of the 293rd meeting of the MPC.
It would be the first meeting of the CBN MPC in 2024 and the first since the one last held between 24th and 25th July 2023.
The MPR had been pegged at 18.75 per cent since the last MPC meeting between 24th and 25th July 2023.
Cardoso who chairs the MPC also said the Cash Reserve Ratio (CRR) has been raised to 45 per cent while the liquidity ratio was left unchanged at 30 per cent.
