Abuja, Sept. 24, 2024 – The Central Bank of Nigeria (CBN) has further raised the Monetary Policy Rate (MPR) to 27.25%.
The MPR is the nominal anchor of commercial banks’ lending rates.
Olayemi Cardoso, the CBN Governor, announced this as part of the Monetary Policy Committee’s decision at et the end of its meeting in Abuja on Tuesday.
The increase in the MPR indicates a further raise in banks’ lending rates in the country, an issue which has become contentious since current administration assumed office.
Many experts have argued against the consistent increase in the MPR, which they said had dampened banks’ ability to lend to commercial interests to boost their productivity.
 The Committee also increased raised the Cash Reserve Ratio (CRR) to 50%. (GBN)
