The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised announced an increase in the Monetary Policy Rate(MPR).
The rate which was formerly 18.75% has now been raised to 22.75%.
The announcement was made by Governor of the CBN Yemi Cardoso after its maiden MPC meeting for the year 2024.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
Cardoso who was recently confirmed as chairman of the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.
