The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR) by 25 basis points to 27.50 percent from the previous rate of 27.25 percent.
Mr Yemi Cardoso Central Bank of Nigeria Governor who announced this at a press conference on Tuesday said the MPC retained the Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB), and 16 percent for Merchant Banks.
The Monetary Policy Committee (MPC) increased the benchmark rate for a 14th straight meeting by 25 basis points to 27.50% from 27.25%.
This is also the bank’s 298th MPC meeting and the last one of 2024. Other decisions taken at the MPC, include retaining the asymmetric corridor around the MPR at +500/-100, retaining liquidity ratio at 30% and retaining the cash reserve ratio of deposit money banks at 50%.
Governor Cardoso told reporters that the multiple rate hikes embraced by the apex bank has helped moderate inflation and build on the benefits from previous rate hikes.
The committee says it will continue to monitor developments in the economy, and that its next meeting will be held on the 25th and 26th of January 2025.
