The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% to tame inflation.
The CBN Governor, Olayemi Cardoso announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.
The MPC also retained the Cash Reserve Ratio (CRR) of deposit money banks at 45% and merchant banks at 14% and retained the Liquidity Ratio at 30%.
Cardoso said the committee was mindful of the effect of rising prices on households and businesses and expressed its resolve to take necessary measures to bring inflation under control.
