The Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) by 25 basis points, bringing it to 27.50% from the previous 27.25%. CBN Governor Mr. Yemi Cardoso announced the decision at a press conference on Tuesday, also confirming that the Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB) will remain unchanged, along with the 16% CRR for Merchant Banks.
This followed the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The monetary policy rate measures the benchmark interest rate.
The CBN governor Yemi Cardoso announced this in Abuja on Tuesday during the last MPC meeting of the year at the apex bank’s headquarters.
Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 percent,” Cardoso said.