The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 percent from 18.75 percent, as announced by Governor Yemi Cardoso after the first Monetary Policy Committee (MPC) meeting of the year in Abuja on Tuesday.
The MPR had remained at 18.75 percent since the last MPC meeting held between July 24th and 25th, 2023.
Cardoso, who leads the MPC, also mentioned that the Cash Reserve Ratio (CRR) has been raised to 45 percent, while the liquidity ratio remains unchanged at 30 percent.
