The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 50 basis points, moving it from 26.75% to 27.25%.
This decision was taken during the 297th meeting of the Monetary Policy Committee (MPC), held in Abuja.
Alongside the MPR adjustment, the MPC maintained the asymmetric corridor at +500 and -100 basis points.
Additionally, the cash reserve ratio was increased from 45% to 50%, signaling a continued tightening of monetary policy to address economic challenges.
CBN Governor Olayemi Cardoso, speaking after the meeting, stated that the committee’s decision was unanimous.
He emphasized the urgency of controlling inflation and stabilizing the economy in light of prevailing economic conditions.
