The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 200 basis points to 24.75 per cent.
The MPR was raised by the Monetary Policy Committee (MPC) of the CBN from 22.75 per cent.
The CBN Governor, Yemi Cardoso, announced this after the committee’s 294th meeting in Abuja on Tuesday, March 26, 2024.
MPR is a short-term, often overnight rate that banks charge one another to borrow funds.
Cardoso said the MPC also adjusted the Asymmetric Corridor to +100/-300 basis points around the MPR and retained Cash Reserve Ratio at 45 per cent.
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