The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.75 percent to 27.25 percent.
This was revealed by the CBN Governor, Olayemi Cardoso after the apex bank’s 297th Monetary Policy Committee meeting held on the 23rd and 24th of September to review recent economic and financial developments, as well as assess its outlook for the year.
“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent,” Cardoso said.
This will be the fifth time the apex bank has raised interest rates this year.
Cardoso also announced that the asymmetric corridor was retained around the MPR at +100/-300 basis points, the cash reserve ratio (CRR) at 45 per cent, and the liquidity ratio (LR) at 30 per cent.
Cardoso said the increase was to further tame inflation.
