In a significant move to manage inflation and stabilize the economy, the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 50 basis points, increasing it from 26.75% to 27.25%.
During the 297th Monetary Policy Committee (MPC) meeting held in Abuja, CBN Governor Olayemi Cardoso announced the decision, emphasizing that the committee reached a unanimous agreement on the need to tighten monetary policy further.
In addition to the rate hike, the CBN has maintained an asymmetric corridor of +500 and -100 basis points and raised the cash reserve ratio from 45% to 50%.
With 11 of the 12 committee members present at the meeting, the CBN continues to adopt measures aimed at enhancing the stability of Nigeria’s financial landscape.
This decision reflects the CBN’s commitment to addressing economic challenges and fostering a more resilient economy amid ongoing uncertainties.
More details to follow…
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