Abuja, Nigeria (July 23, 2024) – The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 50 basis points, increasing it from 26.25 percent to 26.75 percent.
The announcement was made by CBN Governor Mr. Olayemi Cardoso during a press conference following the conclusion of the Monetary Policy Committee (MPC) meeting in Abuja.
The CBN also adjusted the Asymmetric Corridor to +500/-100 basis points from the previous +100/-300 basis points around the MPR.
Additionally, the Cash Reserve Ratio (CRR) for Deposit Money Banks was set at 45 percent and 14 percent for Merchant Banks, while the Liquidity Ratio remained unchanged at 30 percent.
Governor Cardoso highlighted that the bank's monetary policy measures are yielding positive results, citing a significant increase in capital importation, which rose to $5.92 billion at the end of June, compared to $1.77 billion during the same period last year.
However, the MPC expressed concerns over the high inflation rate, attributing it to the ongoing insecurity in food-producing regions.
The committee called for immediate action to address the issue and stabilize food production across the country.
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