For the fifth time, the Central Bank of Nigeria (CBN) has announced another increase in its Monetary Policy Rate (MPR), raising it to 27.25%.
The apex bank further increased the Cash Reserve Ratio (CRR) of commercial banks by 500 basis points, from 45% to 50%.
Mr. Yemi Cardoso, the CBN governor who chaired the Monetary Policy Committee (MPC) meeting on Tuesday, announced the decision.
According to the committee, the move is part of the bank’s efforts to combat rising inflation and stabilize the economy.
Persecondnews recalls that in July 2024, the CBN raised its Monetary Policy Rate (MPR) by 800 basis points to 26.75 percent, up from 13 percent in May 2022.
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