CBN Raises MPR to 27.25%

James Emejo in Abuja

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) Tuesday resolved to raise the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points to 27.25 per cent from 26.75 per cent to further contain inflation.

The apex bank also increased the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) by 500 basis points to 50 per cent from 45 per cent and that of Merchant Banks by 200 basis points to 16 per cent from 14 per cent.

The bank retained the Liquidity Ratio (LR) at 30 per cent.

Addressing journalists at the end of the two-day meeting of the MPC in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the decision to raise further raise MPR was unanimous among members of the committee.

Details later…