CBN Raises MPR to 24.75%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday raised the Monetary Policy Rate (MPR) by 200 basis points to 24.75 per cent from 22.75 per cent.

The apex bank also raised the Cash Reserve Requirement (CRR) of merchant banks to 14 per cent from 10 per cent.

CBN Governor, Mr. Olayemi Cardoso, while briefing journalists at the end of the two-day MPC meeting, said the measures were taken to rein in inflation and stabilise the Naira. 

Details later..