The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 150 basis points, bringing it to 26.25% from the previous 24.75%. The CBN Governor, Mr. Olayemi Cardoso, announced during a press briefing on the outcomes of the 295th Monetary Policy Committee (MPC) meeting held in Abuja.

Governor Cardoso highlighted the committee’s commitment to tightening monetary policy in response to persistent inflationary trends and economic challenges. The MPC’s decision aims to curb rising prices and maintain economic stability in the face of global and domestic uncertainties.

In addition to the MPR adjustment, the MPC retained the asymmetric corridor of +100/-300 basis points, indicating a continued cautious stance on liquidity management. The Cash Reserve Ratio (CRR) for Deposit Money Banks was held steady at 45%, and the Liquidity Ratio was maintained at 30%.