WATCH THE VIDEO HERE The Central Bank of Nigeria has raised the monetary policy rate (MPR) by 400 basis points to a record 22.75%. This is the highest level we have seen the MPR topping 18.75% which had remained since the last MPC meeting on the 24th and 25th of July 2023. An increase of 400 basis points or 4% is also the highest on record. The apex bank also increased the Cash Reserve Ratio to 45% and maintained the liquidity ratio at 30%. The Asymmetric Corridor was also raised to +200/-700 The apex bank stated that the increase was necessary to address rising inflation in the country especially as prior rate increases were not substantial enough to impact on inflation rate.
CBN raises MPR to 22.75% up 400 basis points
