The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate (MPR) by 50 basis points, moving it from 26.75% to 27.25%.
This announcement was made by CBN Governor, Olayemi Cardoso, following the apex bank’s 297th Monetary Policy Committee meeting, which took place on September 23rd and 24th to review recent economic and financial developments and assess the outlook for the year.
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“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent,” Cardoso said.
This marks the fifth time the apex bank has increased interest rates this year.
Cardoso further revealed that the asymmetric corridor around the MPR will be maintained at +100/-300 basis points, while the cash reserve ratio (CRR) remains at 45%, and the liquidity ratio (LR) at 30%.
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This interest rate is outrageous