Abuja, Feb. 27, 2024 – The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from 18.75%
The MPR is the nominal anchor of banks’ lending rates in the country..
The 22.75% is the highest ever and signified that banks’ lending rates will go up in the same direction.
The CBN had peg the MPR rate at 18.75% since the last MPC meeting of July 24 and July 25, 2023.
Olayemi Cardoso, the CBN Governor, announced the hike at a press conference after the meeting of the Monetary Policy Committee in Abuja on Tuesday.
The apex bank also increased the Cash Reserve Ratio (CRR) to 45% and maintained the Minimum Liquidity Ratio at 30%.
The Asymmetric Corridor was also raised to +200/-700. (GBN)
