The Central Bank of Nigeria, under the leadership of Governor Yemi Cardoso, has announced a historic increase of 400 basis points in the Monetary Policy Rate (MPR), bringing it to 22.75%.
This decision was reached during the latest meeting of the Monetary Policy Committee (MPC), marking Cardoso’s first time presiding over the committee since assuming office in September 2023.
Throughout 2023, Nigeria’s MPC pursued a strategy of gradually elevating the MPR over four successive meetings, resulting in a notable rate of 18.75% by year’s end. Despite these assertive measures, key indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained unchanged, with the CRR at 32.5% and the Liquidity Ratio at 30.0%.
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