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CBN Ups Fight Against Inflation, Raises MPR
In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.
The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.
GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.
The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.
Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.
The CBN retained a liquidity ratio of 13 per cent.
GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.
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