The Central Bank of Nigeria (CBN) announced an increase in its benchmark interest rate, the Monetary Policy Rate (MPR), to 24.75%, marking a significant rise of 200 basis points from the previous rate of 22.75% set in February.
While maintaining the Cash Reserve Ratio (CRR) for commercial banks at 45%, the CBN adjusted the CRR for merchant banks, raising it from 10% to 14%. Additionally, the liquidity ratio for banks remains unchanged at 30%.
The decision was unveiled by Central Bank Governor, Mr. Olayemi Cardoso, following the conclusion of the Monetary Policy Committee (MPC) meeting held today.
Furthermore, the CBN altered the asymmetric corridor surrounding the MPR from +100/-700 to +100/-300.
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