The Central Bank of Nigeria has raised the Monetary Policy Rate (MPR) by 400 basis points to a record 22.75 per cent.
This is the highest level the MPR has been raised to.
Prior to the meeting which is the first since the last one held in July 2023 as well as the first since the appointment of CBN governor, Olayemi Cardoso, the MPR was18.75 per cent.
The apex bank also increased the Cash Reserve Ratio to 45 per cent and maintained the liquidity ratio at 30 per cent, while the asymmetric corridor was raised to +200/-700.
More to follow…