CBN’s MPC raises interest rate to 22.75% in first policy decision under Cardoso

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised interest rates, from 18.75 percent to 22.75 percent.

The MPC made the disclosure of the new rate adjustment at a news conference in Abuja on Tuesday, at the end of the monetray policy committee meeting.

The MPC raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from the previous 18.75 percent.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.

READ ALSO:CBN Gov, Cardoso, assures Nigerians of efforts to strengthen Naira, acknowledges challenges

Governor of the CBN Yemi Cardoso who chairs the MPC made the announcement shortly after the first MPC meeting for the year. He added that the Cash Reserve Ratio (CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.

While responding to questions during the Q and A session, Cardoso also revealed that Nigeria’s forex reserves had risen to $34 billion.

This is a developing story…

By Babajide Okeowo

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