The Central Bank of Nigeria (CBN) has again increased the Monetary Policy Rate (MPR) from 24.75 percent to 26.5 percent.The MPR is the nominal anchor of banks’ lending rates.
Persecondnews recalls that the bank has been raising the MPR since January 2024 in an attempt to check the money supply and reduce the inflation rate.
In March, the MPR rose to 24.75 percent.
Dr. Olayemi Cardoso, CBN Governor, announced this at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The apex bank kept the Cash Reserve Ratio (CRR) at 4.5% and set the asymmetric corridor at MPR + 100–300 basis points.
Author
Leave a comment