CBN Raises Monetary Policy Rate by 27.25

The Central Bank of Nigeria (CBN) has again raised its Monetary Policy Rate (MPR) by 50 basis points to 27.25 percent from the previous 26.75 percent, bringing to five, the number of times the apex bank has raised interests this year.

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Olayemi Cardoso, the CBN Governor, while speaking after the apex bank’s 297th Monetary Policy Committee meeting  also announced that the asymmetric corridor will be retained around the MPR at +100/-300 basis points, the cash reserve ratio (CRR) at 45 percent, and the liquidity ratio (LR) at 30 percent.