CEO News ; JUST IN: CBN Raises Benchmark MPR By 200 BPS To 24.75%

JUST IN: CBN Raises Benchmark MPR By 200 BPS To 24.75%

© JUST IN: CBN Raises Benchmark MPR By 200 BPS To 24.75%
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The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 200 basis points or 2.00 per cent to 24.75 per cent from 22.75 per cent.


CBN announced the fresh interest rake hike on Tuesday at the end of its Monetary Policy Committee (MPC) meeting, which commenced yesterday in Abuja.


Mr Yemi Cardoso, Governor of CBN said the decision to further tighten the rates was to curb rising inflation.


He also said the committee adjusted the asymmetric corridor around the MPR to +100/-300 from +100/-700, but retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, with the liquidity ratio held intact at 30 per cent. It raised the CRR of merchant banks to 14 per cent from 10 per cent.


Meanwhile, Mr Cardoso has disclosed that the next MPC meeting will take place in May 2024. Hi

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