The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 25 basis points, raising it to 27.50% from the previous 27.25%.
ThE decision was announced by CBN Governor Mr Yemi Cardoso during a press conference on Tuesday.
The MPC retained the Cash Reserve Ratio (CRR) at 32.5% for Deposit Money Banks (DMBs) and 16% for Merchant Banks.
Cardoso said the measures aim to stabilize the economy and manage inflationary pressures.
The CBN governor also hailed the strength of Nigeria’s foreign reserves, which currently stand at $40.88 billion, adding that it is sufficient to cover 17 months of imports.
He also reiterated the CBN’s commitment to maintaining macroeconomic stability.
