Just In: CBN Raises MPR To 27.5%

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 250 basis points from 27.25% to 27.50%.

The decision was taken at the latest meeting of the Monetary Policy Committee (MPC) according to a statement released by the CBN on Tuesday.

The statement disclosed further that the Cash Reserve Ratio (CRR) was retained at 50% for Deposit Money Banks and 16% for Merchant Banks by the MPC.

“The Monetary Policy Committee (MPC) Voted unanimously to raise Monetary Policy Rate (MPR) by 250 basis point from 27.25% to 27.50%; retain Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks. The Committee also retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR,” the CBN statement shared via its official account on the X platform read.

Details later…