The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to further tighten monetary policy by increasing the Monetary Policy Rate (MPR) by 25 basis points, from 27.25% to 27.50%.

CBN governor, Olayemi Cardoso announced this at a press briefing on Tuesday in Abuja.

He also said that the Asymmetric Corridor remains at +500/-100 basis points, while Cash Reserve Ratio (CRR) remains at 50% for deposit money banks and 16% for merchant banks.

Meanwhile, the Liquidity Ratio was maintained at 30%.

More details to follow…

The Sun Nigeria