The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.25 per cent to 26.75 per cent.
This was disclosed by the Governor of the CBN, Mr. Olayemi Cardoso, during a press conference in Abuja, following the conclusion of the Monetary Policy Committee (MPC) meeting.
In addition to the MPR adjustment, the CBN set a new Asymmetric Corridor of +500/-100 from the previous +100/-300 around the MPR.
The Cash Reserve Ratio (CRR) was set at 45 per cent for Deposit Money Banks and 14 per cent for Merchant Banks, while the Liquidity Ratio remained unchanged at 30 per cent.
Mr. Cardoso highlighted that the Monetary Policy measures of the apex bank were yielding desired results, with capital importation at the end of June recording $5.92 billion, a significant increase compared to $1.77 billion in the same period last year.
“The high inflation is of great concern to the MPC, which noted the insecurity in food-producing zones in the country and called for urgent actions to address the problem,” said Mr. Cardoso.
Further details from the MPC meeting are expected to be released soon.
Details soon.
