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% amid soaring inflation and high food prices.
CBN Governor, Olayemi Cardoso, disclosed this to the Media at the apex Bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Key decisions reached at the MPC meeting held on 22nd and 23rd July 2024, to:
- Raise the MPR by 50 basis points to 26.75 cent from 26.25 cent.
- Retain the asymmetric corridor around the MPR to +100/-300basis points to +500
- Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent.
- Retain the Liquidity Ratio at 30.00 per cent.
Details later.
Editor: Ken Eseni
