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Home » CBN raises interest rate to 22.7% after first MPC meeting under Cardoso

CBN raises interest rate to 22.7% after first MPC meeting under Cardoso

The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate, known as the Monetary Policy Rate (MPR) to 22.7 percent, the first time in eight months.

This was announced by Yemi Cardoso, governor of the CBN, who chaired the Monetary Policy Committee (MPC) meeting for the first time since he assumed office in September 2023.

In 2023, Nigeria’s the MPC adopted a distinct approach, steadily increasing the MPR across four consecutive meetings, ultimately reaching a substantial 18.75 percent by the end of the year. Despite these proactive measures, other significant indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained static, with the CRR staying at 32.5 percent and the Liquidity Ratio at 30.0 percent throughout the period.

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