CBN RAISES INTEREST RATE TO 22.75%

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has today announced the raising of the Monetary Policy Rate(MPR) by four hundred basis points from 18.75 percent to 22.75 percent.

This was made known by the CBN governor, Yemi Cardoso after the first MPC meeting for the year in Abuja where he said the new MPR is part of moves to tackle the country’s inflation.

He said “All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 per cent from 18.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points,”.

New Monetary Policy Committee Members

Also, the MPC said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.

Dolupo Balogun

Written by Boom RadioNG