The Central Bank of Nigeria, CBN has raised the Monetary Policy Rate, MPR, it’s benchmark interest rate to 24.75% representing 200 basis points increase from 22.75% in February.
The apex bank however retained the Cash Reserve Ratio, CRR of commercial banks to 45% but adjusted upward the CRR of merchant banks from 10% to 14%.
Equally, CBN retained the liquidity ratio of banks at 30%.
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CBN Governor, Mr. Olayemi Cardoso disclosed this at the end of the two-day Monetary Policy Committee, MPC meeting concluded on Tuesday.
This meeting marks the second MPC meeting for 2024 and also the 294th meeting of the CBN.
The CBN also changed the asymmetric corridor from +100/-700 to +100/-300 around the MPR