The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), also known as the benchmark interest rate, by 50 basis points from 26.25 percent to 26.75 percent.
The CBN Governor, Dr. Olayemi Cardoso, announced the latest development after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Persecondnews reports that the asymmetric corridor was expanded to +500/-100 basis points, while the liquidity ratio was retained at 30 percent.
Deposit money banks maintained the cash reserve ratio (CRR) at 45 percent, while merchant banks maintained it at 14 percent.
More to follow…
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