The Central Bank of Nigeria has further raised its Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent, from 26.75 per cent.
The latest situation was disclosed by the CBN Governor, Olayemi Cardoso after the apex bank’s 297th Monetary Policy Committee meeting held on September 23, and 24, to review recent economic and financial developments, as well as assess its outlook for the year.
“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent,” Cardoso said.
This is the fifth time that the apex bank has raised interest rates this year.
Cardoso also announced that the asymmetric corridor will be retained around the MPR at +100/-300 basis points, the cash reserve ratio (CRR) at 45 per cent, and the liquidity ratio (LR) at 30 per cent.