EXCITING NEWS: TNG WhatsApp Channel is LIVE…
Subscribe for FREE to get LIVE NEWS UPDATE. Click here to subscribe!
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 400 basis points (bps) from 18.75% to 22.75%.
TheNewsGuru.com (TNG) reports CBN Governor, Yemi Cardoso made this known on Tuesday in Abuja, following the 293rd meeting of the MPC.
It would be the first meeting of the CBN MPC in 2024 and the first since the one last held between 24th and 25th July 2023.
The MPR had been pegged at 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
Cardoso who chairs the MPC also said the Cash Reserve Ratio (CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.
TNG reports monetary policy is the macroeconomic policy laid down by the central bank.
It involves management of money supply and interest rate and is the demand side economic policy used by the government to achieve macroeconomic objectives like inflation, consumption, growth and liquidity.
Details shortly…