The Central Bank of Nigeria (CBN) has once again raised the Monetary Policy Rate (MPR) by 50 basis points, moving it from 26.75% to 27.25%.
This adjustment marks a continued effort by the apex bank to address inflationary pressures in the economy.
At the conclusion of the 297th Monetary Policy Committee (MPC) meeting held in Abuja, CBN Governor Olayemi Cardoso announced that the committee unanimously agreed on the need for further tightening of the country’s monetary policy.
In addition to the MPR hike, the committee retained the asymmetric corridor at +500 and -100 basis points and raised the cash reserve ratio (CRR) from 45% to 50%.
Governor Cardoso, while briefing journalists after the meeting, highlighted that these measures were taken to further stabilize the economy, curb inflation, and ensure the stability of the nation’s financial system.
He emphasized that the committee’s decisions were aimed at reinforcing the bank’s ongoing efforts to maintain price stability.
