Nigeria’s Central Bank has lifted the monetary policy rate (MPR) by 400 basis points to a record 22.75%.
This is the highest level we’ve seen the MPR reach, surpassing 18.75% since the last MPC meeting on July 24 and 25, 2023.
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The apex bank also increased the Cash Reserve Ratio to 45%
This was announced by the governor of the CBN, Yemi Cardoso, who chaired the Monetary Policy Committee (MPC) meeting for the first time since he assumed office in September 2023.
In spite of these proactive measures, other significant indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained static, with the CRR staying at 32.5 percent and the Liquidity Ratio at 30.0 percent throughout the period.