The Central Bank of Nigeria has increased the monetary policy rate by 200 basis points, to a new unprecedented 24.75% at the end of its 294th meeting of the Monetary Policy Committee.
This is a lower hike compared to the 400 basis points at 22.75% in the previous month.
The decision announced by the Central Bank Governor, Yemi Cardoso, increases the Monetary Policy Rate to the highest level in its history, reaffirming the CBN’s aggressive stance on monetary tightening in the face of inflationary pressures.
Retains the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjusts the CRR of Merchant banks from 10 per cent to 14 per cent, according to the Punch
The CBN retains a liquidity ratio of 13 per cent.
details later…
