The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), its benchmark interest rate, to 24.75%, marking a significant increase of 200 basis points from the previous rate of 22.75% set in February.
The CBN, however, has retained the Cash Reserve Ratio (CRR) of commercial banks at 45%, while adjusting upward the Cash Reserve Ratio (CRR) of merchant banks from 10% to 14%.
The CBN also maintained the liquidity ratio of banks at 30%. CBN Governor, Mr. Olayemi Cardoso, disclosed these decisions at the conclusion of the Monetary Policy Committee (MPC) meeting held today. Additionally, the CBN altered the asymmetric corridor from +100/-700 to +100/-300 around the MPR.

The Central Bank of Nigeria (CBN) has