CBN Raises Monetary Policy Rate To 27.25%

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%. This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) in Abuja.

Along with the MPR increase, the committee also decided to keep the asymmetric corridor unchanged at +500 and -100 basis points. Additionally, the cash reserve ratio was increased from 45% to 50%, signaling a stronger move to tighten monetary policies.

CBN Governor, Olayemi Cardoso, spoke to the press after the meeting. He stressed that the decision by the committee was unanimous, saying, “We all agreed it is important to take action now to address inflation and stabilize the economy, especially given the current challenges.”

These changes are part of the CBN’s ongoing efforts to control inflation and strengthen the economy during tough times.

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