The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate (MPR), its benchmark interest rate, to 24.75%, representing a 200 basis point increase from 22.75% in February.
Jerrymusa.com reports that CBN increased the CRR of merchant banks from 10% to 14% while maintaining the CRR of commercial banks at 45%.
CBN Monetary Policy
Additionally, Apex Bank kept the banks’ 30% liquidity ratio.
This was revealed by Central Bank Governor, Mr. Olayemi Cardoso, at the conclusion of today’s Monetary Policy Committee (MPC) meeting.
Additionally, the MPR’s asymmetric corridor was redesigned by the CBN from +100/-700 to +100/-300.