In its continued fight against inflation, the Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, to 27.50 per cent from 27.25 per cent.
This followed the meeting of the Monetary Policy Committee of the Central Bank of Nigeria. The monetary policy rate measures the benchmark interest rate.
The Central Bank of Nigeria governor Yemi Cardoso announced this in Abuja on Tuesday during the last MPC meeting of the year at the apex bank’s headquarters.
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Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN chief also said the MPC retained the Liquidity Ratio at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
In September, the CBN raised the Monetary Policy Rate by 50 basis points to 27.25 percent despite concerns around petrol price rise, which has been seen as triggering a renewed inflation after two consecutive declines in commodity prices.
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