The Central Bank of Nigeria (CBN) has elevated the Monetary Policy Rate (MPR) by 50 basis points, adjusting it from 26.75% to 27.25%. This decision was made during the 297th Monetary Policy Committee (MPC) meeting in Abuja, highlighting ongoing efforts to tighten monetary policies amidst persistent inflationary challenges.
Central Bank key interest rate
CBN Governor Olayemi Cardoso noted that the rate hike received unanimous support from 11 of the 12 committee members. Cardoso remarked, “The committee agreed on the necessity to further tighten monetary policy.”
Additionally, the MPC decided to maintain the asymmetric corridor of +500 and -100 basis points around the MPR and raised the Cash Reserve Ratio (CRR) from 45% to 50%. These initiatives underscore the CBN’s commitment to tackling inflation and stabilizing Nigeria’s economy, with Cardoso stressing the need for vigilance against global economic pressures.
