The Central Bank of Nigeria (CBN), after its first Monetary Policy Committee (MPC) meeting, has raised the monetary policy rate by 400 basis points to a record of 22.75.
Dr. Yemi Cardoso, the apex bank’s governor, while briefing journalists on Tuesday, said the committee’s considerations were centred on the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations.
“Members were concerned about the persistent rise in the level of inflation and emphasized the committee’s commitment to reverse the trend as the balance of risk leans towards rising inflation,” he said.
Persecondnews reports that this is the highest level we have seen in the MPR, topping 18.75 percent, which has remained since the last MPC meeting on July 24 and 25, 2023.
The apex bank also increased the cash reserve ratio to 45 percent and maintained the liquidity ratio at 30 percent.
Details shortly…..
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