The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met today and jacked up the monetary policy rate that has now fixed the benchmark interest rate from 27.25 percent to 27.50 percent
Making the announcement at the apex bank’s headquarters in Abuja, CBN Governor Yemi Cardoso that the MPC voted unanimously to raise the MPR by 25 basis points from 27.25 percent to 27.50 percent; and retain the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks.
This is the last MPC meeting of the year.
The CBN chief also said the MPC retained the Liquidity Ratio (LR) at 30 percent and Asymmetric Corridor at +500/-100 basis points around the MPR.
