The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.
Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 294th meeting in Abuja.
The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.
The rate hike is the second monetary policy decision made by the committee since Cardoso assumed office on September 26, 2023.
Speaking to journalists, the CBN governor said the committee raised the MPR by 200 basis points to 24.75 percent, and retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
He said the committee also retained the cash reserve ratio (CRR) at 45 percent and the liquidity rate at 30 percent.
