Abuja, May 21, 2024 – The Central bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 26.5% from 24.75%
The MPR is the nominal anchor of banks’ lending rates.
Olayemi Cardoso, the Governor of CBN, announced the development at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The apex bank retained the Cash Reserve Ratio (CRR) at 4.5%, while the asymmetric corridor was set at MPR + 100-300 basis points.
The apex bank has been raising the MPR since January in attempt to check money supply and reduced inflation rate.
It raised the MPR to 24.75% in March. (GBN)
