The Central Bank of Nigeria, CBN has raised its benchmark interest rate, the Monetary Policy Rate MPR to 22.75 per cent.
This represents 400 basis points from the current 18.75 percent.CBN Governor, Mr. Olayemi Cardoso disclosed this at the end of the Monetary Policy Committee, MPC meeting held in Abuja today.
Recall that in 2023, Nigeria’s MPC implemented a strategy of gradually increasing the MPR over four consecutive meetings.
Other important indices, such the Cash Reserves Ratio (CRR) and Liquidity Ratio, stayed constant throughout the time despite these aggressive efforts, with the CRR remaining at 32.5 percent and the Liquidity Ratio at 30.0 percent.
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