The Central Bank of Nigeria (CBN) has announced another increase in its Monetary Policy Rate (MPR), raising it to 27.25%.
The apex bank further increased the Cash Reserve Ratio (CRR) of commercial banks by 500 basis points from 45% to 50%.
The decision was made on Tuesday during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso.
This move was part of the bank’s efforts to combat rising inflation and stabilise the economy.
Recall that in July 2024, the CBN raised its Monetary Policy Rate (MPR) by 800 basis points to 26.75 per cent, up from 13 per cent in May 2022.
Details after.
