The Central Bank of Nigeria (CBN) has once again raised the Monetary Policy Rate (MPR) by 50 basis points, increasing it from 26.25% to 26.75%.
This decision comes amid soaring inflation which stands at 34.19% and skyrocketing food prices.
CBN Governor Olayemi Cardoso announced the rate hike following the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Cardoso said, “The Committee’s decisions are as follows; Raise the MPR by 50 basis points to 26.75 % form 26.25%. Adjusted the asymmetric corridor around the MPR from +100 to -300, to +500 to 100 basis points. Retain the Cash Reserve Ratio of Deposit Money banks at 45% and Merchant Banks at 14%, and retain Liquidity Ratio at 30%.”
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