The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) from 26.75 per cent to 27.25 per cent.
The decision was announced by CBN Governor Olayemi Cardoso during a press conference following the committee’s 297th meeting held in Abuja on Tuesday.
Cardoso stated that the rate hike aims to strengthen efforts in controlling inflationary pressures in the economy.
This adjustment reflects the CBN’s ongoing commitment to maintaining economic stability amidst challenging financial conditions.
Highlights of the meeting are :
*Central Bank of Nigeria (CBN) 297th Monetary Policy Committee (MPC) Meeting Outcome – 24/September/2024:*
* Monetary Policy Rate (MPR) raised by 50 basis points from 26.75% to 27.25%.
*Cash Reserve Ratio (CRR) raised by 500bps and 200bps from 45.00% to 50.00% for DMBs; and from 14.00% to 16.00% for Merchant Banks respectively.
*Liquidity Ratio (LR) left unchanged at 30.0%.
* Asymmetric Corridor retained +500/-100 basis points around the MPR.” (vitalnewsngr.com)
