The Central Bank of Nigeria‘s Monetary Policy Committee concluded its two-day meeting for March 2024 on Tuesday.
This was the second MPC meeting for 2024 and the 294th meeting of the CBN. At the end of today’s meeting, the MPC decided to raise the MPR by 300 basis points.
The committee voted to increase the MPR by 400 bps to 24.75% from 22.75%, and to adjust the asymmetric corridor to +100 bps/-300 bps.
The Cash Reserve Ratio for Deposit Money Banks remains at 45%, while the CRR for Merchant banks has been adjusted from 10% to 14%. The CBN will keep the liquidity ratio at 13%.
